Property developer Liam Carroll revealed yesterday that he had increased his stake in ferry company Irish Continental Group (ICG) to 19.37 per cent, buying the stock at levels above the €24 a share offer that was tabled by the Eamonn Rothwell-led Aella on Monday.
Mr Carroll's latest share buying would seem to reduce the chances of Aella's bid now succeeding.
In a statement to the stock exchange, South Morston Investment Company Ltd, which is owned and controlled by Mr Carroll and his wife Roisin, said it acquired 23,322 shares in ICG on Tuesday at prices between €24.16 and €25.
Mr Carroll has been steadily stakebuilding in ICG for several weeks but has not made an offer for the group. The developer, however, is in a key position to determine the future of the company. His shareholding comprises 14.87 per cent of ICG units and 4.5 per cent in contracts for differences. He is thought to have an interest in developing ICG's property interests in Dublin Port in the event of the facility being moved and the area being redeveloped.
ICG has been the subject of a takeover battle since early March, when Aella lodged an €18.50 a share offer, backed by funding from AIB. That was trumped by Moonduster, a consortium comprising Philip Lynch's One51 Capital and the Cork-based Doyle shipping group, which bid €22 a share.
Aella subsequently matched Moonduster's offer before increasing its bid on Monday. This placed a value of €611 million on ICG.
ICG's independent directors have indicated they will not recommend another offer for the company unless it is at least €25.50 a share.
Aella needs 75 per cent approval from shareholders for its bid to succeed. The management buyout team has a 20.9 per cent interest in ICG while Moonduster owns 20.38 per cent.
