Developer Liam Carroll now has a 19.40% in ICG, the firm that operates Irish Ferries after buying shares yesterday at a price of €24.50.
He paid more for the shares than the price Aella, the management buy-out team led by chief executive Eamonn Rothwell, has offered for the firm.
The revised €24 per share offer from Aella needs 75% shareholder approval so may run into difficulty as rival bidders Moonduster, made up of One51 and Doyle Shipping, and Liam Carroll together hold almost 40% of the company.
