Property developer Liam Carroll is preparing to block a proposed €611.8 million management-led takeover of Irish Continental Group (ICG) when an extraordinary general meeting (egm) of shareholders is held next week to consider the offer.
It is understood that Mr Carroll increased his shareholding in ICG yesterday to just under 22.5 per cent, paying €25 a share for the stock.
The property developer now owns enough stock in the company to block the €24-a-share bid by Aella, which is headed by the ferry group's chief executive Eamonn Rothwell, at the egm on September 26th.
Aella has a beneficial interest in 14.1 per cent of ICG's shares and, under its scheme of arrangement to acquire the company, it requires 75 per cent approval from shareholders for its bid to succeed.
Aella cannot vote its own shares at Wednesday's egm, which is being held at the Clarion Hotel in Dublin.
This means Mr Rothwell must get the support of 75 per cent of the remaining shares to get the deal across the line, giving Mr Carroll a blocking stake in the company.
Sources close to Mr Carroll said he intended to oppose Aella's offer. It is understood that Mr Carroll wants to increase his shareholding to 29.9 per cent, the final point he can reach without having to make a full bid for the company.
There is no indication that Mr Carroll will launch his own bid for ICG, which reported revenues of €163.2 million in the six months to the end of June.
The other significant player involved in the long-running takeover saga at ICG is Moonduster, a consortium comprising the Philip Lynch-led One 51 Capital and the Cork-based Doyle Shipping Group.
Moonduster offered €22 a share for ICG in the early summer but that bid was trumped by Aella's current offer, which is being recommended by the ferry group's independent directors.
It is understood that Moonduster has no plans to sell its shares in ICG.
The ferry company has been in an offer period since early March when Aella launched its first offer for the company at €18.50 a share. Aella's cash offer is being funded by AIB.
Mr Carroll's interest in ICG relates to the company's long lease on a 33-acre site in Dublin Port.
The future of Dublin Port has been the subject of much speculation recently, with the possibility that it could be moved north to Balbriggan where a new, deep-water port is being planned by Drogheda Port and Treasury Holdings.
While any move of Dublin Port could be up to a decade away, its transfer would pave the way for a major residential, commercial and leisure development in that area of the capital.
ICG is not the only Irish listed company in which Mr Carroll is a large investor.
The property developer owns 29.5 per cent of food group Greencore, which is planning to develop large sites in Mallow and Carlow that were previously used by the now defunct Irish Sugar.
ICG's share price was unchanged in Dublin yesterday at €25.
