Irish Ferries Owner ICG Set For Private Ownership, as Takeover Gets Shareholder Approval

The proposed €1.2bn takeover of Irish Ferries owner Irish Continental Group (ICG) has been approved by shareholders.

The move means the management buyout team – led by long-serving CEO Eamonn Rothwell – has, pending formal High Court approval, succeeded in taking the business private.

The €8 per share/€1.2bn approach by Mr Rothwell and two senior shareholders had been in danger of failing as the original shareholder vote, scheduled for August 28, had been postponed until this morning, due to indicators showing the deal did not have enough shareholder approval.

The deal needed 75% of ICG's shareholder base in agreement and, at today's rescheduled EGM, just over 79% voted in favour. It is understood a key minority shareholder changed their stance in favour of the deal.

Several shareholders had, previously, baulked at the price on offer, claiming it undervalued the business. However, the MBO team had been adamant that the proposed offer would not be altered and the offer price would not be increased.

As well as Irish Ferries, ICG owns and operates freight and ferry terminal businesses.