Potential IFG bidder critical of delay

Dublin: IFG Group is moving at a slower pace “than we would have expected” in reviewing takeover approaches, according to Edmund Truell, the main investor in Fiordland Investment, one of two potential bidders for the company.

Fiordland, which owns a 19% stake in IFG, hired investment bank UBS to advise on a potential bid for the Dublin-based financial services firm, Truell said yesterday.

Irish businessman John Gallagher is also an investor in Fiordland.