The majority of shareholders in Irish Continental Group have backed a \u20ac1.2 billion takeover bid led by CEO Eamonn Rothwell.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The bid offers \u20ac8 per share for the ferry company, representing a 28.2% premium on the company’s closing price before the takeover approach was announced.<\/p>\n
A number of minority shareholders had previously voiced opposition to the bid, arguing that it undervalued the company.<\/p>\n
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.<\/p>\n
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.<\/p>\n
In a statement to the Irish Stock Exchange, said completion of the deal remained subject to a number of conditions, including High Court approval.<\/p>\n
It said this was expected in October or early November, after which a completion date can be announced.<\/p>\n","protected":false},"excerpt":{"rendered":"The majority of shareholders in Irish Continental Group have backed a \u20ac1.2 billion takeover bid led by CEO…\n","protected":false},"author":2,"featured_media":620996,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-620995","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/620995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=620995"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/620995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/620996"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=620995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=620995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=620995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}