Irish Continental Group’s (ICG) directors will ask the Takeover Panel to impose a deadline on a group of potential bidders to make an offer for the company.
ICG said in a statement that it had asked the Moonduster consortium to make its offer by “no later than close of business on March 18th, 2009, that is capable of recommendation and execution, subject only to due diligence”.
However, yesterday Moonduster sought an extension and ICG has now called on the Irish Takeover Panel to issue a so-called “put up or shut up” deadline to the consortium, forcing it to lodge a bid within a definite timeframe or cease its interest.
Moonduster; which includes, Philip Lynch’s One51 investment group the Doyle shipping company, made its interest in ICG known last October.
It later teamed up with Eamonn Rothwell to consider a joint bid for the ferry business. Between the two parties own 41 per cent of the ferry company.
