Several big shareholders of Irish Ferries, parent company the Irish Continental Group (ICG), oppose the planned sale of the ferry operator to management, led by chief executive Eamonn Rothwell, arguing last month’s announcement of a €1.2 billion deal undervalues the maritime transport business.
Among the opposing investors are Marathon Asset Management, which has a 4.1% stake in ICG; 2.1% shareholder Janus Henderson; and Irish businessman Nick Furlong’s Pageant Investments, which represents around 2% of the stock. According to sources, they are understood to have written to the Dublin-listed company on Wednesday to voice objections to the value of the management buyout (MBO) deal for ICG’s ferry division, which owns its six-ship fleet.
Also involved is Equus Global, with almost a 1.3% shareholding in ICG, and Oxy Capital, with a 1.4% stake, which is also known to be among the signatories against the deal. However, each shareholder is acting independently, and these investors have stated they are not working together. Combined, they own almost 11% of the business, with routes that link Ireland-UK, Ireland-France, and Britain-France.
The bid by the 71-year-old Rothwell, who owns 21.7% of the business, and other senior managers holding a further 2% of the stock, comes almost two decades after a previous failed attempt by the long-standing chief executive to lead a management buyout.
The Irish Times has further coverage on the MBO.
