The long-standing chairman of Irish Continental Group (ICG), John B. McGuckian, could face a challenge from a number of shareholders who have expressed opposition to the proposed €1.2 billion management buyout of the Dublin-listed ferry and maritime transport group.
According to reports, some shareholders have raised the prospect of seeking McGuckian’s removal should the proposed transaction, led by ICG chief executive Eamonn Rothwell, fail to secure the required shareholder approval.
ICG’s independent board announced late on Thursday that the extraordinary general meeting (EGM), which had been scheduled for Friday, would be adjourned until 10 September. The postponement gives the company additional time ahead of the shareholder vote on the proposed management buyout.
The transaction is being pursued by way of a scheme of arrangement and is subject to the applicable shareholder approval requirements. Rothwell, 71, is part of the management buyout team and holds a significant interest in ICG.
The Irish Times reported that some shareholders opposed to the proposed transaction had discussed the possibility of seeking a further EGM should the takeover proposal be rejected, potentially including a move against McGuckian, 86.
McGuckian has served as an ICG director for 38 years and has chaired the group for more than two decades, having assumed the chairmanship in 2004.
Last month, ICG’s independent board members agreed to recommend the proposed acquisition of the company by Rothwell and three other executives at a price of €8 per share.
Further coverage of developments concerning the proposed transaction and ICG’s ferry, container and maritime transport operations is available through The Irish Times and Afloat.ie here
