Property developer Liam Carroll has spent another €1.5m on shares in take-over target Irish Continental Group, bringing his stake to 22.5%.
A statement to the Irish stock exchange today said Mr Carroll yesterday bought another 60,429 shares at €25 each.
Mr Carroll now owns enough stock in the company to block the proposed €611.8m €24-a-share bid by Aella, which is headed by the ferry group's chief executive Eamonn Rothwell, at an extraordinary general meeting next Wednesday.
Aella has a beneficial interest in 14.1% of ICG's shares and, under its scheme of arrangement to acquire the company, it requires 75% approval from shareholders for its bid to succeed.
The Irish Times reported today that sources close to Mr Carroll said he intended to oppose Aella's offer.
A report said that It is understood Mr Carroll wants to increase his shareholding to 29.9%, the final point he can reach without having to make a full bid for the company.
