The offer period for Irish Continental Group (ICG) looks set to lapse next Wednesday despite Moonduster, one of the bidding parties, being prepared to proceed with a €25.40 a share offer for the ferry operator.
In a statement to the stock exchange yesterday, the Takeover Panel said it had decided not to agree to the request of ICG's independent directors that it require Moonduster to extend its bid deadline beyond October 31st.
Meanwhile, a source close to Moonduster said the consortium, which comprises One51 Capital, led by Philip Lynch, and the Cork-based Doyle Shipping group, would be prepared to proceed with its scheme of arrangement to take over ICG immediately, but only on the basis that it is treated in the same manner as Aella, the management-led group whose €24 a share takeover offer was rejected last month.
It is understood Moonduster is referring to the third-party expenses that were part of Aella's scheme of arrangement, a cost that ICG's independent directors are not willing to pay for Moonduster.
As a result, people familiar with the process believe that the October 31st deadline is likely to lapse and the saga that has been rumbling on since March, when Aella made an €18.50 a share bid for ICG, will continue.
If the deadline does pass unmarked, Moonduster, like Aella following the rejection of its offer, will be prevented from bidding for ICG for 12 months except with the consent of the Takeover Panel.
The only way any progress could be made then would be for one of the parties to team up with property developer Liam Carroll, who yesterday said he had increased his stake in ICG to 26.28 per cent, and make a new offer through the Takeover Panel.
Aella's offer, made through a scheme of arrangement, required the approval of 75 per cent of shareholders, an achievement which, with Moonduster's 25.89 per cent holding and Mr Carroll's stake, was impossible to achieve.
Any new bid is expected to take the form of a traditional offer, requiring the approval of only 51 per cent of shareholders, but also resulting in the payment of stamp duty.
ICG shares fell 1.7 per cent yesterday, to close at €26. They have hovered around the €25 level since August.
