The management team bidding to buy ferry company Irish Continental Group (ICG) has increased its offer to €22 a share.
In a statement to the stock exchange this morning the management team's investment vehicle, Aella has increased the terms of its offer from €18.50 a share.
The company also announced that ICG's chief executive Eamonn Rothwell has 1.75 million shares - a 7.4 per cent stake in the company for €22 a share.
Today's announcement brings the management buyout team ownership of ICG shares to 21.4 per cent. Aella is being advised by Goodbody Corporate Finance.
The new offer price matches that of the competing consortium which includes One51 Capital and Doyle Group which was made on June 14th. The bids of €22 per share value the company at €560.9 million.
Turnover at ICG increased by 4.6 per cent to €312 million in the year to the end of December 2006. Its trading profit increased to €32 million from €18 million in 2005.
