Board vetoes IFG bid request

THE Irish Takeover Panel has refused a request by the independent directors of car ferries group IFG to instruct Moonduster to submit a bid by October 31.

That is the expiry date for those trying to buy the group to make an offer for the business.

IFG has been locked in takeover talks since March when Aella, representing IFG management, made an initial offer of €18.50 a share. Moonduster then bid €22 for the shares which was topped subsequently by a €24 per share offer from Aella.

Moonduster represents the interests of waste management and renewable energy group One51 and Doyle Shipping of Cork.

Without a fresh bid taking place October 31, both Aella and Moonduster will be prevented from making another move on IFG for at least 12 months, under existing takeover rules.

However, it is understood Moonduster would be prepared to make an offer if the independent IFG directors agreed to deal with it on the same terms as Aella, which has had the costs it ran up in the preparation of its bid fully reimbursed.

Moonduster wants that guarantee before it is prepared to go to the cost of putting together a fresh bid, said sources close to the consortium.

However, even if a bid was made it would be voted down by property developer Liam Carroll, who owns more than 26% of the company and has an interest in the 32 acres of prime land owned by IFG on Dublin Docks.

It is understood Aella, which holds 22% of the shares, would block any offer from Moonduster.

For that reason also Moonduster has said it sees no point going through the motions of a bid that is destined to be defeated.

It has sought a roundtable conference with Aella in an effort to find a way around the impasse, but those gestures have gone nowhere.