Senior executives at Irish Continental Group (ICG) met members of the One51 Capital and Doyle Group consortium yesterday to give a presentation on the ferry company's market environment and on certain financial and operational data.
The meeting between the two sides was described by one source as "satisfactory". It is not clear, however, if the meeting signifies a thawing in relations between the consortium and the company's management team - which itself has tabled an offer for ICG - and the ferry group's independent directors.
ICG chief executive Éamonn Rothwell is believed to have led the company delegation at the meeting with the consortium.
Just six days ago, the Philip Lynch-led consortium issued a strongly-worded statement to the stock exchange complaining that it had not been supplied with a sufficient level of detailed financial information as part of the ongoing due diligence process.
The consortium is seeking access to a similar level of information to that which is available to the management-led buyout proposal, which has been submitted by Mr Rothwell and his colleagues through a company called Aella. They have offered €18.50 a share for the company.
At the time of the statement, sources close to the company and its independent directors said management had offered several times to make a presentation to the consortium but the offer had not been accepted.
One51 and the Doyle Group have indicated that they are considering making an offer for ICG for not less than €20.75 a share, the highest price they have paid to date in acquiring their 20.5 per cent shareholding.
On April 13th, the consortium was granted a period of four weeks to carry out due diligence. It will be expected to either make a bid for the company at the end of that period or withdraw from the process.
ICG's shares closed in Dublin yesterday at €21, unchanged on the previous day. The share price has not budged since closing at €20.65 on April 25th, the day that the war of words between the various sides broke out.
