Row erupts between ICG bidders

A MAJOR row has erupted between the two bidders for car ferries group ICG.

It followed yesterday’s resounding rejection of Aella’s e24 per share offer for the business at an extraordinary general meeting of the group in Dublin.

The vote against totalled 10,656,398, while 1.9m votes were in favour.

Aella represents the interests of ICG’s top management, led by chief executive Eamonn Rothwell who floated the company in 1988.

Moonduster is owned by One51, which has growing interests in waste management and the alternative energy sectors and Doyle Shipping of Cork.

Moonduster has not had a formal bid put to the shareholders by the independent directors, but it spiced up the battle for control of the group yesterday when it accused Aella representatives of saying “they would not be prepared to accept an offer from Moonduster at any price”.

Sources close to Aella have denied such words were ever used.

Aella has put two bids on the table without conditions.

“If they want to make a bid let them do it. Let them put their money where their mouth is,” they said.

Moonduster last night reiterated its allegation, saying it wanted to get into an agreed bidding process where each side would be bound by certain conditions.

Aella sources said this is a smokescreen, and accused Moonduster of trying to establish the price at which Aella was prepared to sell its holding to Moonduster.

Back in August Moonduster announced that it had confirmed to the independent directors of ICG that it would be willing to participate in a competitive bid process to acquire the entire issue and to be issued share capital of ICG subject to the independent directors procuring the agreed participation of Aella.

Given the alleged statement by Aella, Moonduster “believes there is little merit in the independent directors of ICG bringing forward a Moonduster scheme while this situation persists”.

John McGuckian, who presided at yesterday’s EGM, said he was prepared to get the best price for shareholders in the group for the business.

He rejected allegations the independent directors showed little independence in recommending Aella’s first bid of €18.50 for the group.

“If we had not done that, the share price might be back down at €14 a share where it was before we put the process into the public domain,” he said.

Observers have noted that the bid situation surrounding the group is unprecedented.

Moonduster late yesterday evening had upped its stake in the group by another 0.53% when it bought shares at €25.40.

It now owns 25.28% of the group, followed by property developer Liam Carroll, who controls 23.2% of the equity, with Aella holding more than 20%.