Irish Continental Group today requested the Irish Takeover Panel to impose a deadline for the consortium planning a bid for the ferry operator to clarify its position.
The One51 Capital/Doyle Group consortium had been expected to lodge a bid for ICG early this week.
On April 13th, the consortium was given a period of four weeks to carry out due diligence. It subsequently claimed that its attempts to conclude the process were being frustrated by the company.
On 17 May the consortium said its confirmatory due diligence process was substantially complete.
Today the independent directors of ICG, not involved in a separate management buyout of the company, said they are unable to confirm to shareholders a timeframe within which the consortium can finalise outstanding matters.
They said that unless a firm intention to make an offer is announced, there can be no guarantee one will be forthcoming.
A management buyout proposal has already been tabled for ICG, led by chief executive Eamonn Rothwell.
They have offered €18.50 per share for ICG, an offer that is being backed by AIB.
Meanwhile, the One51 Capital/Doyle Group consortium will be required to bid a minimum €20.75 a share under stock exchange rules.
