ICG back in play

A joint bid for Irish Continental Group appears to be in prospect following a takeover panel decision to not order a hearing into allegations that leading investors may have been part of a "concert party."

The ruling appears to pave the way for a joint bid by the Moonduster consortium and Eamonn Rothwell, managing director of the ferry company.

Moonduster and Rothwell jointly own 41% of the shares of Dublin and London quoted Irish Continental Group and there is speculation that property developer Liam Carroll, who owns a near 30% stake may be prepared to back a takeover.

The takeover panel received allegations in early October that the Moonduster consortium made up of Dublin based One51 investment group and the Cork-based Doyle Group had been in discussions with other parties in breach of Irish takeover rules.

One51 led by Irish entrepreneur, Philip Lynch, grew out of the Irish Agriicultural Wholesale Society but has diversified into various other sectors including commercial property, renewable energy and the deep water port of Greenore on Carlingford Lough, Ireland’s only privately owned shipping gateway.

The Doyle group controlled by cousins, Conor and Frank Doyle, has extensive activities in Irish ports including terminal operation, stevedoring, ships agency.

Irish Continental Group operates Irish Sea passenger and freight ferry services as well as short sea and container feeder services to continental European ports.

The company has a fleet of five vessels that includes the 1,875 passenger 51,000-gt Ulysses (built 2001) the world’s largest car ferry.