- ICG has agreed to a €1.2bn management-led buyout at €8 per share.
- The offer represents a 28.2pc premium to the closing price.
- The deal is funded by €455m in equity and €798m in senior debt.
- Eamonn Rothwell previously led a failed buyout bid during the 2008-2009 crisis.
- The management team will realise cash proceeds of €90m.
Irish Continental Group (ICG), owner of Irish Ferries, saw its London shares surge over 26pc after announcing a €1.2bn management-led buyout to take the company private.
The deal values shares at €8 eeach, a 28.2pc premium. Bluefin Bidco, backed by four senior executives including CEO Eamonn Rothwell, will execute the transaction. The independent board unanimously supports the offer, citing compelling value for shareholders.
The offer, unanimously recommended by ICG’s independent board, will pay shareholders €8 a share, a 28.2pc premium to the stock’s closing price on Friday. ICG shares jumped past the offer price, gaining up to 30pc to reach €8.10 at one stage in morning trade.
Bluefin Bidco, the vehicle executing the deal, is owned by four ICG senior management members who collectively hold about 23.7pc of ICG shares. The deal is funded through €455m in preferred equity from funds managed by Global Infrastructure Management and €798m in senior debt arranged by BNP Paribas and Banco Santander. The buyout bid marks CEO Eamonn Rothwell’s second attempt to take the company private, following a failed bid during the 2008-2009 financial crisis.
Eamonn Rothwell stated the acquisition provides ICG shareholders with an opportunity to realise their investment at a significant premium. He stated the ICG Group’s competitive position and long-term development would be better supported as a private company. The management team will realise cash proceeds of €90m, representing about one-third of their shareholding, while rolling the remainder into the acquisition structure.
Eamonn Rothwell, CEO of ICG, shared, “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.”
