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.