Irish Ferries Owner ICG See Shareholders Narrowly Back Management Buyout

11th September 2026

Jehan Ashmore

Irish Continental Group (ICG)’s management takeover bid had gained the support of 79.2% of the group’s shareholders—just above the required threshold for the Dublin-listed plc. Afloat highlights: the group up to 1988 was owned by the state-owned Irish Continental Line (ICL), then was part of an already liquidated Irish Shipping Ltd; however, its ferry division’s ‘shamrock’ symbol remains as a legacy with the ICG and Irish Ferries fleet across the Irish Sea, Celtic Sea, and Strait of Dover.

Buyout backing: Irish Ferries’ Ulysses on Dublin Bay. Shareholders in parent company Irish Continental Group have backed the €1.2 billion management buyout led by chief executive Eamonn Rothwell Credit: Afloat

A majority of shareholders in the ferry and maritime transportation company Irish Continental Group (ICG) have backed a €1.2 billion takeover bid led by its Chief Executive Officer Eamonn Rothwell, reported RTE News.

The Dublin-listed ICG held an extraordinary general meeting (EGM) in the capital yesterday, where 79.2% of eligible shareholders had voted in favour of a management buyout (MBO) for the company behind its passenger and freight division, Irish Ferries.

The MBO bid required an approval of at least 75% of shareholders to go through, and ICG’s management team, which holds a 23.7% stake, was excluded from the vote.

Bid offers of €8 per share were made for the ferry company with its Ireland-Britain/Ireland-France and UK-France route network. At this price, it represented a 28.2% premium on the company's closing price before the takeover approach was announced.

A number of minority shareholders of ICG plc, which was first listed on the Irish Stock Exchange, in 1988, had previously voiced opposition to the MBO bid, arguing that it undervalued the company, as The Irish Times also reported along with Afloat’s Irish Ferries coverage.

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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