IT MIGHT be the season of goodwill but few would have placed a bet on that extending to Eamonn Rothwell and Philip Lynch teaming up to bid for Irish Continental Group.

The pair were bitter rivals last year in a messy and protracted takeover battle for

the ferry group that ultimately got stuck at sea.

Almost 20 months on, they have decided to collaborate. Whether they can persuade Liam Carroll, who owns more than 29 per cent of ICG, to join their merry crew remains to be seen.

With ICG trading at under €16 apiece, Carroll is seriously under water on his investment, although he might welcome the cash. Of course, this might all become somewhat academic if the Irish Takeover Panel’s inquiries into alleged concert party links between Lynch’s Moonduster consortium and the UK-based Arkaga fund are proven.

These alleged links were never disclosed to the market and, it is believed, would have pushed Moonduster over the 30 per cent threshold that sparks a mandatory offer for the entire company.

Moonduster has consistently denied the claims while Arkaga has hit the skids in the UK.

It is entirely possible that Rothwell has been given assurances by Moonduster in relation to these claims that have left him comfortable to proceed with a joint offer. The takeover panel might decide there’s no case to answer or it might go to a full inquiry, which is a rare event.

It could also censure Moonduster and force it to bid for the entire company at the highest price it paid for ICG shares last year, which is thought to have been €25.40 if it feels the material at its disposal is compelling.

Whichever way it jumps, it needs to do so quickly.