ICG opens books to takeover hopefuls

Shipping, transport and leisure group Irish Continental (ICG) has opened its books to a consortium comprising Cork-based shipping company Doyle Group Ltd and One Fifty One plc with a view to a possible takeover.

The companies formally agreed to enter into the process after close of business last Friday.

The due diligence is expected to take up to four weeks to complete.

Doyle and One Fifty One own more than 20% of ICG between them after buying shares at prices of up to €20.75.