Irish Ferries Parent Takeover in Danger of Collapse, Shareholders Warned

Shareholders of Irish Ferries owner Irish Continental Group (ICG) have, again, been urged to accept the proposed €1.2bn management buyout of the business.

The buyout team – comprising long-serving CEO Eamonn Rothwell and two key shareholders – stressed, earlier this week, that they would not be upping their proposed purchase price; despite certain shareholders claiming that it undervalued the business.

ICG’s independent board has, again, recommended the proposed offer to shareholders in light of early proxy vote levels indicating that the takeover attempt will fail unless shareholders change their votes.

A takeover requires 75% of ICG’s shareholder base to accept the offer, but current signs are that acceptance levels would fall shy of that percentage.

ICG’s independent board said if the takeover fails, the group’s share price may revert to below the €6.24 trading price as of before the offer announcement last month; and shareholders may lose the opportunity for a cash exit at €8 per share.

Mixed Half-Year Results

ICG, meanwhile, has also published its latest set of financial results covering the first six months of 2026.

These show group revenues increased by just over 16% to almost €360m. However, group operating profit fell by 2.4%, year-on-year, to €24m and pre-tax profit fell by almost 3% to €19.9m – with rising operating costs, particularly fuel and port expenses, driving that movement.

Taking Irish Ferries, alone – ICG also covers freight and shipping terminals divisions – operating profit, for the period, was up 5% to €14.8m; and first half revenue was 15.5% up, year-on-year, at €237.9m.