Irish Continental Group plc (“ICG”)
On 4 April 2007 Doyle Group Limited and One Fifty One Capital Limited (“the Consortium”) announced that they were in discussions regarding a possible offer for ICG. On 25 May the independent directors of ICG announced that they had on that day requested the Panel to impose a deadline for the Consortium to clarify whether or not it intended to make an offer for ICG. Following correspondence with the advisers to both the Consortium and the independent directors, on 1 June 2007 the Panel announced that it had ruled that, except with the consent of the Panel, the Consortium must by 5.00 p.m. on 13 June 2007 either announce an offer for ICG under Rule 2.5 of the Takeover Rules or announce that it would not proceed with an offer for ICG.
At the request of the independent directors of ICG, the Panel has ruled that this deadline should be extended. It has ruled that, except with the consent of the Panel, the Consortium must by 5.00 p.m. on 15 June 2007 either announce an offer for ICG under Rule 2.5 of the Takeover Rules or announce that it will not proceed with an offer for ICG.
In the event that the Consortium announces that it will not proceed with an offer for ICG it will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the Takeover Rules for 12 months from the date of such announcement.