The majority of shareholders in Irish Continental Group have backed a €1.2 billion takeover bid led by CEO Eamonn Rothwell.
At an extraordinary general meeting in Dublin today, 79.2% of eligable shareholders voted in favour of a management buyout for the company behind Irish Ferries.
The bid required the approval of at least 75% of shareholders to go through and, while the company’s management team hold a 23.7% stake, they were excluded from the vote.
The bid offers €8 per share for the ferry company, representing a 28.2% premium on the company’s closing price before the takeover approach was announced.
A number of minority shareholders had previously voiced opposition to the bid, arguing that it undervalued the company.
ICG’s EGM to vote on the offer had originally been scheduled for Friday, 28 August but was adjourned the day before, raising questions about the level of support for the takeover.
At the time the company cited “difficulties that a number of ICG shareholders had in properly casting their votes within the time allowed” as the reason for the delay.
In a statement to the Irish Stock Exchange, said completion of the deal remained subject to a number of conditions, including High Court approval.
It said this was expected in October or early November, after which a completion date can be announced.
