Group to meet over ICG bid
This was confirmed yesterday by a spokesman for the consortium, following the increased offer of €24 tabled by Aella on Monday, on behalf of the top management.
Aella’s improved bid broke the stalemate in the bidding process, moribund since it had matched Moonduster’s €22 a share offer for the group, made on June 20, 2007.
The independent directors have recommended the latest bid from Aella, but that could change next week if Moonduster, representing the 20% interest of One51 and Doyle Shipping, decides to top the Aella offer. It will have to offer more than €25.50 to have the bid accepted, however, the independent directors have stipulated.
Sources close to the bid suggest that at €24 a share Aella, led by ICG’s chief executive Eamonn Rothwell has offered more than full value for the group.
The present offer of €612m is €140m higher than Aella’s original bid when it valued the company’s shares at €18.50 each.
The history of the bid saga shows that in this takeover battle nothing can be taken for granted.
When Mr Lynch and Moonduster topped the original bid with a €22 a share offer, most analysts termed it a “knock-out bid”.
That view has been proved wrong.
It remains to be seen if this latest offer proves to be the turning point in this drawn-out saga, which began on March 8 when the initial offer was tabled.
Recently at his group’s annual general meeting in Dublin, Mr Lynch made it clear he saw ICG as core to both One51’s and Doyle Shipping’s future strategic plans.
That may have been just for the media, but it remains to be seen if they are prepared to pay more than €24 a share to secure the business.
A group spokesman said: “One51 has no comment to make until it meets its advisors early next week when the current situation regarding ICG will be fully discussed.”
