The Irish Takeover Panel has censured the Moonduster consortium, One51 and Doyle Group for breaking stock exchange rules.
The group, which comprises One51 and Doyle, has been involved in a protracted takeover battle for ferries group Irish Continental (ICG). The breach of rules arose from a recent purchase of ICG shares.
On October 1, Moonduster agreed to buy just over 500,000 shares from Octavian. The price was €25.20 per share, but Moonduster also agreed to further payments which depended on the price at which Moonduster bought or sold ICG shares over the next 18 months.
The panel said the deal broke Rule 16, as it involved an arrangement on favourable terms which could not be extended to all shareholders. The panel has prohibited Moonduster from making any additional payments above €25.20 to Octavian.
It has also ruled that Moonduster broke a number of other rules relating to the disclosure of details of the deal.
Last month, ICG shareholders rejected a €24 a share offer from a management team. The independent directors said they would talk to Moonduster about its offer, as it had been buying shares above that price.
