The Irish Takeover Panel has set a deadline for Doyle Group and One51 to decide on whether to make an offer for ferries group Irish Continental Group (ICG).
A consortium involving Doyle and One51 has been in talks with ICG on a possible takeover since April. Last week ICG's independent directors asked the panel to set a deadline for a decision.
The panel has now said that the consortium must make an announcement one way or the other before 5pm on June 13.
If it decides not to make an offer, it will not be able to come back with a fresh offer for 12 months. The approach from Doyle and One51 trumped an earlier bid from a management team led by ICG chief executive Eamonn Rothwell.
