The independent directors of ferries group Irish Continental have set a deadline for the two groups trying to take over the company.
Both Moonduster - which includes One51 and Doyle Shipping - and the management group Aella have been vying for control of the company. Both had offered €22 per share, leading to what the directors acknowledged was a 'lack of clarity'.
In a statement issued as the company held its AGM, the directors said neither offer could be implemented without the support of the other party. As a result, they initiated talks between the two sides on order to see if there could be an offer which the other side would accept
The directors said talks had taken place, but they understood no resolution had been reached. As a result, they set a deadline of noon on July 26 for both sides to confirm the highest price they are currently prepared to offer. The two sides must also indicate what they would do if the independent directors recommend one of the offers.
Moonduster controls 20% of ICG's shares, while Aella has around 17%. Property developer Liam Carroll is also reported to be now in the mix, having built up a shareholding of more than 10%.
ICG chairman John McGuckian told reporters after the AGM the fact that the continuing takeover battle had dragged on so long was 'significantly upsetting' and had distracted attention from its business.
Irish Ferries also announced that its new Ireland/France cruise ferry, to replace the 'Normandy' on routes between Rosslare, Cherbourg and Roscoff, will be named 'Oscar Wilde' before it enters service ahead of the 2008 season.
The vessel was bought from Norwegian ferry operator Color Line last January for €45m.
ICG shares closed up ten cent at €24.10 this evening on the ISEQ in Dublin.
