Property developer Liam Carroll has spent €1.2 million boosting his stake in Irish Continental Group (ICG), the ferry group at the centre of a stalled takeover battle.

A statement released to the stock exchange yesterday, two days before the offer period is due to end, said that South Morston Investments, controlled by Mr Carroll and Róisín Carroll, had bought 48,716 ICG shares at €25 each, bringing its holding in the company to 18.65 per cent. The holding comprises 3.4 million ICG shares and 1.1 million contracts for difference.

Earlier this month ICG's independent directors issued a final ultimatum to the two bidders, Aella and Moonduster, saying that they would terminate discussions with the groups at 5pm on August 17th if no "material development" had emerged. This would preclude either party from making another bid for 12 months.