Irish Ferries Parent, ICG, Postpones Shareholder Vote on Takeover Offer Until September 10

Irish Ferries owner Irish Continental Group (ICG) has postponed – until September 10 – a shareholder vote on the proposed €1.2bn management buyout of the business.

The EGM had been due to take place today (Friday, August 28), but - as has been flagged - the proposed takeover would have collapsed based on proxy votes already collected indicating insufficient votes in favour of the move.

In order to succeed, the takeover requires 75% of ICG’s shareholder base to accept the offer.

The postponement of the shareholder vote is in order to provide shareholders with additional time to consider the recommended €8 per share/€1.2bn offer.

The offer is being made by a management team led by long-serving ICG chief executive, Eamonn Rothwell.

While shareholders have questioned the value of the offer, the management buyout team has refused to increase the offer price and ICG’s independent board has continued to recommend the existing offer to shareholders.