Irish Continental Group's (ICG)independent directors have given more time to the two parties bidding to take over the company, following the passing of a third deadline without any apparent agreement. Arthur Beesley, Senior Business Correspondent, reports.

The directors did not offer any reason for allowing yesterday's deadline to pass without action, saying they would not issue a statement on the matter until Monday.

Competing bidders Eamonn Rothwell, the ICG chief executive, and a partnership involving One51 and Doyle Shipping have been in a stalemate situation for weeks. There was speculation from some quarters yesterday that one party may be reviewing its position but there was no firm indication from either side last night that the situation had changed.

About an hour before the deadline passed at the close of business yesterday, millionaire developer Liam Carroll told the market he had increased his stake to 19.06 per cent from the 18.65 per cent interest he declared on Thursday. He is unlikely to table a bid but has designs on the group's property portfolio and is believed to want to build his stake to 29.9 per cent.

ICG independent directors gave an ultimatum on August 3rd to the Rothwell vehicle Aella and the One51 vehicle Moonduster that they would terminate discussions and end the current offer period if "no material development" emerged by 5pm yesterday.

The closure of the offer period would preclude both Moonduster and Aella from making another bid for ICG for 12 months.

But after that deadline passed yesterday, the independent directors opened yet another window of opportunity for the sides to reach agreement. "The independent directors wish to announce that they have deferred now any further announcement pursuant to the announcement of August 3rd, 2007 until Monday, August 20th."

ICG has been in an offer period since March 8th when Mr Rothwell tabled an offer at €18.50 per share. Moonduster trumped that offer on on June 14th with a €22 per share approach for ICG.

Moonduster has a 20.38 per cent stake in ICG. Aella increased its shareholding to 19.14 per cent in June and raised its cash offer to €22 a share. Moonduster and Aella have each indicated to the independent directors that they would not support the other's bid, leading to the present stalemate.

Acceptance of either offer requires 75 per cent approval from shareholders.