Irish Cont. Regulatory News (ICGC)

17 May 2007 17:06

Irish Continental Group PLC17 May 2007 Irish Continental Group plc ("ICG" or the "Company") 17 May 2007 Offer Update Announcement On 16 April 2007, the Independent Directors announced that the Consortium(comprising Doyle Group Limited and One Fifty One plc) had entered into a formalprocess with the Company and commenced its confirmatory due diligence which itwas expected would take up to four weeks to complete. Subsequently, on 10 May2007, the Consortium provided an update regarding the status of its duediligence. The Consortium has confirmed to the Independent Directors that its confirmatorydue diligence process is now substantially complete. Discussions are continuingbetween the Independent Directors and the Consortium to finalise the remainingoutstanding matters in order to progress the possible offer by the Consortiuminto an announcement of a firm intention to make an offer at not less than€20.75 per ICG Unit. The Independent Directors and the Consortium will continueto seek to progress these matters as expeditiously as possible. A further announcement will be made in due course. Enquiries: Irish Continental Group plc Telephone +353 1 855 2222Independent DirectorsJohn B McGuckian NCB Corporate Finance Telephone +353 1 611 5611Liam BoothJonathan SimmonsShane Lawlor Drury Communications Telephone +353 1 260 5000Billy MurphyPaddy Hughes The Independent Directors of Irish Continental Group plc accept responsibilityfor the information contained in this announcement. To the best of theirknowledge and belief (having taken all reasonable care to ensure that such isthe case), the information contained in this announcement for which they takeresponsibility is in accordance with the facts and does not omit anything likelyto affect the import of such information. NCB Corporate Finance Limited, which is authorised in Ireland by the FinancialRegulator under the Investment Intermediaries Act 1995, is acting exclusivelyfor Irish Continental Group plc and no one else in connection with theacquisition and will not be responsible to anyone other than Irish ContinentalGroup plc for providing the protections afforded to clients of NCB CorporateFinance Limited nor for providing advice in relation to the acquisition. This information is provided by RNS The company news service from the London Stock Exchange