Offer Update

11 Apr 2007 17:26

Irish Continental Group PLC11 April 2007 11 April 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement On 4 April 2007 a consortium comprising Doyle Group Limited and One Fifty Oneplc (the "Consortium") made an announcement that the Consortium members were indiscussions regarding a possible offer from the Consortium for the entire issuedand to be issued share capital of the Company at a price of not less than €20.00per ICG Unit (the "Possible Offer). The Consortium's announcement indicated thatthe Possible Offer was subject to the completion of confirmatory due diligenceas well as certain other conditions including the recommendation of theIndependent Directors of ICG. On 5 April 2007 the Independent Directors announced that initial discussions hadbeen held with the Consortium regarding the Possible Offer and that theIndependent Directors would further update shareholders on progress in duecourse. Notwithstanding the Consortium's announcement on 4 April 2007, the significantdiscussions between the Consortium and the Independent Directors since then andthe Consortium's disclosure of its further market purchases since 4 April 2007,the Consortium has not yet entered into a formal process with the Company andits advisers and, as such, has not yet commenced its confirmatory due diligence.Until a formal process is actually entered into the Independent Directors cannotestablish a definitive timeframe for the determination of the Consortium'sPossible Offer. The Independent Directors continue to be available to engagewith the Consortium. Consequently, the offer from Aella plc remains the only offer received by theIndependent Directors and in order to ensure that this offer remains availableto shareholders, at the extraordinary general meeting to be held tomorrow, 12April 2007, at The Berkeley Court Hotel commencing at 3.45 p.m. the IndependentDirectors will propose a resolution to adjourn the extraordinary generalmeeting. In addition, pursuant to an application from the Company earlier today,the Court has ordered an adjournment of the two court meetings due to be held at3.15 p.m. and 3.30 p.m. tomorrow. 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