Irish Ferries owner ICG shares surge 26% after €1.2bn management buyout agreed

Irish Continental Group operations include Irish Ferries and the Eucon brand as well as operating Dublin Ferryport Terminal and Belfast Container Terminal

Irish Ferries owner Irish Continental Group's London shares surged more than 26% on Monday, after the Dublin-listed maritime transport group agreed to a €1.2 billion management buyout on Friday that would take it private.

Irish Ferries owner Irish Continental Group's London shares surged more than 26% on Monday, after the Dublin-listed maritime transport group agreed to a €1.2 billion management buyout on Friday that would take it private.

The offer, which has been unanimously recommended by ICG's independent board, will pay shareholders €8 a share, a 28.2% premium to the stock's closing price on Friday. ICG shares jumped past the offer price on Monday, gaining up to 30% to reach €8.10.