ICG to seek takeover bid date

THE independent directors of Irish Continental Group (ICG), dealing with the proposed sale of the ferry and freight services business, are to — as anticipated — request the Irish Takeover Panel (ITP) to impose a deadline by which the Moonduster consortium must make a formal bid for the group.

ICG had initially set a deadline of March 18 for the Moonduster consortium — which comprises Philip Lynch’s One 51 vehicle and the Cork-based Doyle Shipping Group — to table a bid.

According to ICG’s independent directors, they received a written update on the proposed offer by Moonduster’s advisers on Wednesday seeking an extension of the deadline.