The CEO of Irish Continental Group (ICG) Eamonn Rothwell is leading a management buyout of the Irish Ferries parent company that values the firm at €1.2 billion.
Under the terms of the acquisition, ICG shareholders will be entitled to receive €8 a share, which represents a 28.2% premium on the closing price today of €6.24.
BidCo, the entity being used to buy the shares, is owned and controlled Mr Rothwell and other members of ICG’s senior management.
In a statement to the stock market, BidCo and the independent directors of ICG said that they had agreed the terms of the cash offer, which has been unanimously recommended by the independent ICG board.
“The Independent ICG Board has undertaken a comprehensive review of the acquisition and unanimously believes that it delivers compelling value for ICG shareholders,” said John B McGuckian, Chair of ICG.
The deal remains subject to shareholder approval and regulatory clearance.
“The acquisition provides ICG shareholders with an opportunity to realise their investment in full and in cash at a significant premium to the share price,” said Eamonn Rothwell of BidCo.
“BidCo believes the ICG Group’s competitive position and long-term development would be better supported as a private company,” Mr Rothwell said.
