A bid for Irish Continental Group from a consortium comprising One51 Capital and the Doyle Group in Cork moved a step closer yesterday following a statement to the Stock Exchange by the ferry operator's independent directors.

"The consortium has confirmed to the independent directors that its confirmatory due diligence process is now substantially complete," the statement said.

It added that discussions were continuing to finalise the "remaining outstanding matters" in order to progress the possible offer by the consortium. "The independent directors and the consortium will continue to seek to progress these matters as expeditiously as possible."

Sources close to the deal said that a bid could emerge today but it was more likely to be tabled either on Monday or Tuesday of next week. "The likelihood is that both sides will be working hard over the weekend to get this over the line," said one informed source.

It is understood that one of the remaining outstanding items relates to banking issues surrounding the bid. One source said they were "practically there".

The Philip Lynch-led consortium began its due diligence on April 13th. It was originally given a four-week period to conclude this process, which was then extended by the independent directors.

The consortium, which owns 20.5 per cent of ICG's equity, is required to make a bid of at least €20.75 a share for the ferry company, which operates routes to the UK and France. Bank of Ireland and HBOS are believed to be funding the deal for the consortium.

A bid of €18.50 per share has already been tabled by a five-member management team led by Eamonn Rothwell, ICG's chief executive. That bid has secured funding from AIB.

The management team tabled its offer for the ferry company on March 8th through a company called Aella. One51 and the Doyle Group began stakebuilding in the company shortly afterwards.

It is understood Mr Rothwell and at least three other members of the management buyout team will leave the company if the consortium succeeds in buying ICG.

Mr Rothwell joined the company in 1992, having previously worked with NCB Stockbrokers.

ICG's shares closed yesterday in Dublin at €20.50, down 15 cents on the day. The company had a market capitalisation of €481.9 million.