Moonduster bids to end ICG impasse

A SOLUTION to the ongoing battle for control of Irish Ferries operator Irish Continental Group (ICG) has been proposed by bidders Moonduster.

Moonduster, which involves One51 and Doyle Group, said it would be prepared to take part in a competitive bidding process if management buyout vehicle Aella, which is also interested in ICG, agrees.

A statement released by Moonduster yesterday said: “To date no response has been received from or on behalf of the independent directors as to whether they have been able to procure the participation of Aella plc in such a process.”

The independent directors at ICG however said they are to consult the Irish Takeover Panel on how best to end the uncertainty surrounding two competing takeover bids for the firm.

If they decide to go ahead with this, the process could then take almost a year to be finalised.

Moonduster and the Irish Continental management-led group Aella, have been battling for control of the company for several months.

Each holds more than 20% of the group’s equity, enough to block each others respective bids for the ferries and roll-on roll-off operations controlled by the group.

They have both tabled a €22 a share offer for ICG.

Aella, led by ICG managing director Eamonn Rothwell, made the initial approach in March with an €18.50-per-share offer.

Neither bid will succeed without the acceptance of the other group because of the size of their holdings.

Aella owns 17.19% of the company, while Rothwell’s group owns 20.38%.