LAND KEY TO IRISH CONTINENTAL BATTLE - It has been a most unusual take over story, as the takeover battle for Irish Ferries operator Irish Continental Group is set to reach a conclusion of sorts at an emergency general meeting of shareholders this afternoon.
They are gathering to discuss a €24 a share bid from a consortium led by ICG chief executive Eamonn Rothwell which values the company at €612m. The independent directors this morning said they were still backing the management bid, despite the fact that rival bidders have been in the market buying shares above €25.
In another corner are One51 and Doyle Shipping, who have been buying up shares in recent days for above €25 - effectively trumping the management bid. They have almost a 25% stake in ICG. In another corner still is property developer Liam Carroll. He has also been buying up shares and now owns more than 23%.
RTE business correspondent David Murphy says ICG owns 33 acres of land at Dublin Port, which he describes as the 'jewel in the crown'. He says there is speculation that the port could be redeveloped, with some activities moved elsewhere, giving the opportunity for land speculation.
Developer Liam Carroll now owns 23% of ICG, while Moonduster, which includes One51, owns more than 24%. David Murphy says the likely outcome is that one of the groups will block the management offer and the logjam will continue.
Lecturer in urban planning and development at UCD Dr Brendan Williams says the Dublin Port land could be worth €30m per acre, as there was considerable development potential.
Dr Williams said the trend in the docks area was towards mixed-use and high-rise development, which was more profitable.
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CURRENCIES - The euro hit another all-time high against a weak US dollar yesterday. It hit over $1.4160 in Asian trade before falling back to $1.4130. It is also worth 70p sterling.
