An extraordinary general meeting of Irish Continental Group (ICG) shareholders is expected to vote today on a €24 per share offer by management buyout vehicle Aella.
Shareholders in ICG, which owns cargo handling facilities close to major infrastructural developments and regeneration projects in Dublin's docklands area, are expected to vote at the meeting this afternoon on the Aella offer which values the company at €611.8 million.
However, the management group - which is jointly owned by ICG Chief Executive Eamonn Rothwell and other senior managers - is expected to come under pressure from rival investors in its attempts to buy the ferries group and its assets.
Management group Aella's recommended €24 a share bid looks set to fail after rivals Moonduster and property developer Liam Carroll purchased shares at levels 5 per cent above the management team's offer price.
On Monday, Mr Carroll disclosed to the stock market that he had acquired 78,386 ICG shares last Friday at prices up to €25.20.
The notice to the stock market said Mr Carroll now controls 23.15 per cent of ICG.
Sources close to the property developer, however, said Mr Carroll bought more shares on Monday, bringing his stake in ICG to about 23.5 per cent.
Moonduster has increased its stake to 24.5 per cent, according to sources close to the group. The consortium has bought shares in recent days at prices up to €25.20 a share. Some of these shares are held as contracts for difference.
Shares in ICG increased marginally this morning from yesterday's close of 25.200 to 25.300.
Mr Carroll and Moonduster are expected to oppose Aella's offer for ICG when it comes before today's meeting.