The One 51 Capital and Doyle Group consortium have lodged a new bid for the Irish Continental Group (ICG) which values the ferry company at €560.9m.
The €22.00 per share offer, is 19% more than a previous € 18.50 a share offer from a management group led by chief executive Eamonn Rothwell.
A statement to the stock exchange this evening said that the Philip Lynch-led consortium and the Independent Board of ICG have reached agreement on the terms of the recommended acquisition.
The consortium, which owns 20.5% of the ferry group, said the offer is a 7.3% premium on the closing price of ICG shares yesterday and offers a 41% premium on the €15.60 closing price on 7 March, which was the last day of trading prior to the offer period.
The Irish Takeover panel had extended the June 13th deadline until tomorrow evening for the lodgement of a potential offer, following a request from the independent directors.
The consortium entered into a formal due diligence process on April 13th.