Last checked at 26 Mar 2009 10:56
Irish Takeover Panel Announcement
Irish Continental Group plc ("ICG")
On 23 October 2008 ICG announced that it had received an approach from Moonduster Limited ("Moonduster") which may or may not lead to an offer for the company. On 19 March, 2009 the independent directors of ICG ("ICG Board") announced that they would be requesting the Panel to impose a deadline for Moonduster to announce an offer.
Following representations made by the ICG Board and its advisers, and correspondence with those advisers and with the advisers to Moonduster, the Panel has ruled that, except with the consent of the Panel, Moonduster must by 5.00 p.m. on 20 April 2009 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. The Panel also ruled that in the event that Moonduster announces that it will not proceed with an offer for ICG, Moonduster and any parties acting in concert with 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.
26 March 2009