Irish Continental surges as management launches €1.2 billion buyout

The takeover offer, unanimously recommended by the company’s independent board, represents a 28.2% premium over Friday’s closing price. Bluefin Bidco, the acquisition entity, is controlled by CEO Eamonn Rothwell alongside executives David Ledwidge, Andrew Sheen, and Declan Freeman. Together, this group holds a 23.7% stake in the business and intends to roll the majority of their holdings into the new private structure while realizing €90 million in cash proceeds.

Rothwell cited volatile fuel costs and persistent inflationary pressures as primary drivers for seeking private ownership, arguing these conditions hinder the company’s performance on public markets. This move follows the collapse of his prior attempt to take the ferry operator private during the 2008-2009 financial crisis. Analyst Stephen Furlong of Davy noted the timing appears favorable, particularly given ICG’s recent progress in securing full ownership of its fleet and aggressive share buyback programs. Funding for the acquisition is split between €455 million in preferred equity from Global Infrastructure Management and €798 million in senior debt provided by BNP Paribas and Banco Santander.