The directors of ferry company ICG have confirmed they have received a bid for the company which is higher than the current MBO offer.
In a statement this evening, ICG said it has noted the announcement from Doyle Group and One51 on its possible offer at a price of not less than €20 per share.
ICG's management team, led by Rothwell, had previously made an offer of €18.50 per share, valuing the company at €471m.
Philip Lynch's One51 now owns almost 6% of ICG, and Cork based shipping company Doyle group now owns around 3% of the company.
The directors said this evening that as the new offer is a higher one than the current 'Aella' offer from ICG's management team, it is seeking an adjournment of the shareholder meetings that were to be held on 12 April to discuss the MBO offer.
ICG said it has had initial discussions with the consortium regarding the new possible offer, but as it is subject to conditions it is continuing to recommend the Aella Offer
'Shareholders should note that the possible offer, is subject to the completion of confirmatory due diligence and certain other conditions, and, consequently, there can be no certainty that an offer will ultimately be forthcoming from the consortium', the statement said.
The company said it is advising shareholders take no action to either offer for the moment.
The directors said earlier today that the the management team have not indicated that they would come back with a higher offer.
Shares have recently been trading significantly above the offer price amid speculation about the possible higher offer.
Shares in ICG closed up 55 cent to €20.05 in Dublin this evening.
