Liam Carroll increases ICG stake

PROPERTY developer Liam Carroll has increased his holding in Irish Continental Group, overtaking Moonduster, one of the two bidders battling for control of the ferry operator.

Dolmen Stockbrokers yesterday disclosed it had purchased another 31,350 shares in ICG at €25 a share on Tuesday on behalf of Mr Carroll, and 427 shares at €24.80, taking his holding to more than 20.4%.

ICG s independent board members said in August they would recommend an improved €24 a share bid from management buyout vehicle Aella that values the firm at €611.8 million.

But Mr Carroll has been building his stake recently, paying above Aella’s offer price.

At one point during the six months of bidding, Aella and Moonduster both had €561m bids on the table.

Aella has shares and options amounting to 20.9% of ICG, while Moonduster owns or controls just less than the 20.4% held by Mr Carroll.

ICG shareholders will meet this month to vote on Aella’s revised bid of €24 a share but Moonduster and Carroll now both have enough clout to block it.

ICG said on Monday that costs to date resulting from the protracted takeover period were around €16.5m.