Offer Update

5 Apr 2007 07:00

Irish Continental Group PLC04 April 2007 4 April 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement The Independent Directors of ICG have noted the announcement today from DoyleGroup Limited and One Fifty One plc (the "Consortium") regarding the possibleoffer from the Consortium for the entire issued and to be issued share capitalof the Company at a price of not less than €20.00 per ICG Unit (the "PossibleOffer). The shareholder meetings to consider the recommended offer (via a scheme ofarrangement) from Aella plc of €18.50 per ICG Unit (the "Aella Offer") are dueto be held on 12 April 2007. In light of the fact that the Possible Offer, ifmade, would be at a higher level than the Aella Offer, it is the IndependentDirectors intention to seek an adjournment of each of the shareholder meetingsto be held on 12 April 2007. The length of the adjournment and timing for thereconvened shareholder meetings will be communicated to shareholders in duecourse. The Independent Directors have had initial discussions with the Consortiumregarding the Possible Offer. However, shareholders should note that thePossible Offer, is subject to the completion of confirmatory due diligence andcertain other conditions, and, consequently, there can be no certainty that anoffer will ultimately be forthcoming from the Consortium. Therefore, theIndependent Directors continue to recommend the Aella Offer. Notwithstandingthis, shareholders are advised to take no action in relation to either thePossible Offer or the Aella Offer for the present time. A further announcementwill be made by the Independent Directors when appropriate. 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 Murphy 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