Takeover panel to name deadline for Moonduster’s formal ICG bid

THE Irish Takeover Panel (ITP) is expected to name a date within the next two weeks as the new deadline by which the Moonduster consortium must make a formal bid for ferry and freight services business, Irish Continental Group (ICG).

The board of independent directors at ICG, which is dealing with the proposed sale of the business, requested the move by the ITP after its own deadline of last Wednesday came and went after Moonduster — which is comprised of the Cork-based shipping group, Doyle Shipping and the Philip Lynch-led One 51 investment vehicle — wrote to it seeking an extension to the deadline.

A spokesperson for Moonduster said, earlier this week, that things were at an advanced stage and “moving along quite satisfactorily”.