Property developer Liam Carroll is believed to have increased his stake in Irish Continental Group (ICG) to about 15 per cent in recent days and is understood to have paid up to €25 for some of his shares.

It is thought that Mr Carroll has little interest in tabling a bid for the firm but, instead, wants to win control of its sizeable property assets.

One way of achieving this goal would be to build up his equity position in the company with a view to gaining leverage with any party that might take it over. He is thought to be prepared to build his stake to 29.9 per cent.

Two parties - Eamonn Rothwell's Aella vehicle and the Moonduster consortium composed of Philip Lynch-led One51 Capital and the Cork-based Doyle shipping group - have each bid €22 per share for ICG. The situation has been in stalemate for some weeks and is now being considered by the Takeover Panel.

An informed source suggested that Mr Carroll would work best with Mr Rothwell's Aella vehicle after a takeover. This situation would see Aella taking the company private and continuing to run its ferry business.

Mr Carroll would gain control of its property assets, which include a long lease on a large site in Dublin Port. Any development of the property would require the port to be moved from its current location.

No comment was available from Aella.

Mr Carroll is unlikely to make such an arrangement after a takeover by Moonduster, which itself sees significant appeal in the property assets, the source said.

The Takeover Panel became involved in the process this week following an invitation by ICG's independent directors.

This followed the passing of two deadlines set by the independent directors asking both parties to declare how much they would be prepared to pay for ICG.

Neither party was thought to have responded to this but Moonduster rejected this yesterday, saying it had sent a "comprehensive response" to the independent directors before the first deadline had passed.

"In such response, it was confirmed that Moonduster would be willing to participate in a competitive bid process subject to the independent directors procuring the agreed participation of Aella plc in such a process," the statement read.

Sources suggested Aella might not be willing to enter a competitive bid process as Moonduster's bid could be blocked by the Competition Authority as a result of the Doyles' stevedoring activities in Dublin and other Irish ports. Aella's bid does not face any competition issues.

One source said the competition concerns could be resolved if the Doyle group were to step out of the Moonduster consortium while it bids for ICG. This would remove any competition issues for Moonduster, which is 20 per cent owned by the Doyles. A spokesman for the Doyle group rejected this suggestion, saying it was "not being considered" and was "not on the agenda".

Moonduster controls 20.38 per cent of ICG, with much of this held through contracts for difference (CFDs), structures that allow investors to borrow to buy shares. Aella owns 19.14 per cent of the company and, like Moonduster, has the power to block a competing bid.

Mr Carroll owns all of his stock through CFDs, which means he does not have to declare his shareholding to the stock exchange.

All parties to the process have at this stage incurred hefty expenses, with the use of CFDs adding to this significantly because of ongoing interest costs.

Shares in ICG fell by €1.25 to €22.50 yesterday.