Takeover panel to name deadline for Moonduster’s formal ICG bid
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”.
The independent directors at ICG said on Thursday that they would be seeking the setting of a new deadline by the Takeover Panel. It is understood that request has been lodged and that a date will be set in the coming days.
The Moonduster consortium is now likely to link up with ICG chief executive Eamonn Rothwell to table a bid of around €15 per share for ICG. Moonduster owns 25% of the group, with Mr Rothwell controlling 16%. Property developer Liam Carroll owns a 29.24% shareholding.
The joint bidders are in talks with Barclays about support funding for the potential purchase. While that seems to be fact, it has been also speculated that a number of other banks — including AIB, Bank of Ireland and Bank of Scotland (Ireland) — could also back a bid.
