Irish Ferries Owner ICG Accepts and Recommends €1.2bn Management Buyout Offer

The board of Irish Ferries owner, shipping conglomerate Irish Continental Group (ICG) has tentatively accepted and recommended to shareholders a €1.2bn management-led buyout proposal which would see the business leave the stock market and enter private ownership.

The management buyout team consists of long time ICG chief executive, Eamonn Rothwell; along with leading shareholders David Ledwidge, Andrew Sheen and Declan Freeman.

ICG owns a number of shipping terminal and freight businesses as well as Irish Ferries. Most recent figures for the group showed Irish Ferries revenues were up by around 17% in the first half of this year, while the group's freight business was also ahead.

The buyout team cites continuing fuel cost fluctuations, inflation and uncertain trading conditions as a reason for taking the business private and have offered a price per share nearly 30% ahead of last Friday’s closing price.

Mr Rothwell previously failed in an attempt to take ICG private during the 2008 financial crisis.