One More Thing:Eamonn Rothwell has been taking some time out from Irish Continental Group's (ICG) protracted takeover battle in the west of Ireland this week.
With Liam Carroll continuing to mop up shares in the company at prices above Rothwell's latest €24-a-share offer, it is not likely to have been a very relaxing break for the ICG boss.
Carroll's latest share buying was on Wednesday, when he bought a modest 237 shares at €24.51 apiece. This took his stake in Irish Continental Group to 19.38 per cent and followed similar share buying over the previous two days.
The property developer now has a blocking stake on any takeover.
It seems highly unlikely that Carroll will accept Rothwell's latest bid, which was only tabled on Monday and valued Irish Continental Group at €611 million.
Carroll clearly has an eye on Irish Continental Group's lease of a 33-acre site at Dublin Port, which could prove valuable if the Government moved that facility north to a proposed new port being built at Drogheda Port Company's deepwater port at Bremore near Balbriggan.
Carroll is obviously taking a long-term view on his substantial investment in Irish Continental Group. Planning permission for Bremore, which is being developed by Treasury Holdings, will be submitted some time over the next 12 months.
If that goes to plan, it would then take another two years to build. Factor in the time needed to move facilities from Dublin Port, clean up the area and see off any legal challenges that might arise, and it could be a decade or more before the developers could start building.
It is impossible to say what state the Irish property market will be in at that stage, but Carroll clearly feels it justifies his near €100 million commitment to the company.
