The independent directors of Irish Continental Group have set a new deadline in a bid to break the deadlock between two groups vying for control of the company.
But the directors say that if there is no change to the current situation by 5pm on August 17, they will end discussions with both parties.
The two groups are Moonduster - which includes One51 and Doyle Shipping - and a management group called Aella. Both have indicated they would pay €22 a share for the company, but both also have enough shares to block the other.
The directors' statement follows consultations with the Irish Takeover Panel. If the deadline passes without any change, the offer period for the company would end and both groups would be precluded from making a new offer for 12 months.
ICG has also warned that it may also have to make payments totalling up to €11.2m to both sides.
Developer Liam Carroll is also thought to have built up a significant stake in ICG but has not yet indicated his intentions.
In a statement, the ICG directors said there had been enough time for Moonduster and Aella to have either reached agreement on a level of offer from either party which the other would accept, or for either Moonduster or Aella to have made a higher offer. 'No progress has been made in either of these regards,' the statement said.
