Irish Ferries owner ICG gets €1.2B management buyout offer
What's the deal? Irish Continental GroupDealroom has a profile for this one. Try Dealroom → (ICG), the owner of Irish FerriesDealroom has a profile for this one. Try Dealroom →, has received a management buyout offer valuing the company at €1.2 billion. The cash offer of €8.00 a share comes from Bluefin Bidco Ltd, the buyout vehicle, and has been unanimously recommended by ICG's independent board.
Who's behind it? Eamonn Rothwell, ICG's chief executive since 1992, is leading the bid. The offer will be funded by €798 million of senior debt and the sale of management's shares.
What's the endgame? If approved, the deal will take ICG private and delist it from the Irish Stock Exchange after 33 years.
The signal: Rothwell's move to take the ferry operator private after more than three decades at the helm gives management full control away from public market scrutiny — and marks the end of ICG's long run as a listed company.
Read more: The Currency
Image credit: Mike Cattell
