Management at Irish Ferries Parent Not Budging on Takeover Offer Price

The consortium behind the proposed €1.2bn management buyout at Irish Ferries parent, Irish Continental Group (ICG) has said it will not increase its offer, despite claims from certain shareholders that it hugely undervalues the business.

An ICG management team – comprising long-serving CEO, Eamonn Rothwell and leading shareholders David Ledwidge, Andrew Sheen and Declan Freeman – tabled the €1.2bn takeover proposal for the ferry and shipping operator late last month.

That was tentatively accepted by the independent board of ICG. Since then, however, the independent board has received two letters from shareholders reportedly dissatisfied with the proposed management buyout offer price.

Reportedly, one claim suggested the offer price was undervaluing the overall business by nearly 40%.

In a stock exchange statement, ICG’s independent board has confirmed the MBO team will not be increasing the financial terms of the offer. The board added that its position of unanimously recommending the offer to shareholders remains unchanged.