Maritime transport operator Irish Continental Group (ICG) is bringing forward the release of its financial results for the first half of this year, as shareholders consider a €1.2bn management buyout bid (MBO) for the company.
ICG, which owns the ferry division, Irish Ferries, which was due to announce the results tomorrow (20 Aug), will instead take the unusual step of publishing them this afternoon. According to ICG, this timeframe change is to give its shareholders “additional time to consider” the numbers before they vote on the bid.
The independent directors of the Dublin-listed company have also hit back at criticism from several minority shareholders. Specifically, Oxy Capital has claimed that the MBO undervalues ICG.
Nick Furlong’s Pageant Investments, with a 2% shareholding in ICG, has announced it voted against the bid. The family investment vehicle claims that the offer of €8 per share represented an unreasonable discount on its assessment of fair value.
Further coverage from the Irish Independent and more on the minority shareholder backlash.
