THE IRISH Takeover Panel has set April 20th as the deadline for the Moonduster consortium to make a bid for ferry operator Irish Continental Group (ICG).

A failure by Moonduster to lodge a bid by that date would see it precluded from making another offer for ICG for 12 months, unless the panel deems otherwise.

The move followed a request last week by the ferry company’s independent directors to the takeover panel for the oversight body to issue a so-called “put up or shut up” deadline to Moonduster.

ICG has been under offer since October, when Moonduster indicated it might come forward with a bid.

Moonduster comprises ICG’s chief executive Eamonn Rothwell, the Cork-based Doyle shipping company and Philip Lynch’s One51 investment group. The consortium is currently seeking to agree financing terms with a syndicate of four banks – AIB, Bank of Ireland, Barclays Bank and Bank of Scotland (Ireland).

Talks on the debt package are believed to be progressing. Moonduster is understood to be preparing a bid of up to €15 a share. This would fall short of the directors’ valuation of the business. They are thought to want an offer of €15 to €20 a share.

ICG’s revenues declined last year as the economy slumped. However, the business generates a lot of cash and could be debt-free by the end of this year.

ICG’s shares closed unchanged in Dublin yesterday at €14.50.

Moonduster owns 41 per cent of ICG and is believed to have courted property developer Liam Carroll, who owns 29.2 per cent of the ferry company and is its largest shareholder.

Mr Carroll is believed to have borrowed about €200 million from AIB to buy shares in ICG. He paid around €24 a share on average to build his stake. Informed sources said AIB had instructed Mr Carroll to dispose of his shares in ICG.

It is understood Mr Carroll is unwilling to give an irrevocable undertaking to Moonduster in the absence of a recommendation from ICG’s board and while there is a chance of a rival offer.