Offer Update

25 May 2007 16:34

Irish Continental Group PLC25 May 2007 ANNOUNCEMENT 25 May 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement On 17 May 2007 the Consortium confirmed to the Independent Directors that itsconfirmatory due diligence process was substantially complete. In anannouncement later that day the Independent Directors stated that discussionswere continuing with the Consortium to finalise the remaining outstandingmatters in order to progress the possible offer by the Consortium into anannouncement of a firm intention to make an offer at not less than €20.75 perICG Unit and that the Independent Directors and the Consortium would continue toseek to progress these matters as expeditiously as possible. Since 17 May 2007 the Independent Directors, the Company, and its advisers haveworked diligently with the Consortium's advisers to finalise these outstandingmatters. Moreover, since the Consortium's confirmatory due diligence processcommenced, the Independent Directors are satisfied that significant andappropriate levels of confidential information and assistance have been providedfor the Consortium to be able to decide whether to announce a firm intention tomake an offer pursuant to Rule 2.5 of the Takeover Rules. The Independent Directors are unable to confirm to shareholders a timeframewithin which the Consortium can finalise these outstanding matters andconsequently, until a firm intention to make an offer is announced, there can beno guarantee that an offer will be forthcoming. In light of the significant timewhich has now elapsed since the offer period commenced on 8 March 2007 and alsosince 4 April 2007, the date on which the Consortium first announced itsinterest in making an offer, the Independent Directors believe that it is nowappropriate to seek clarification from the Consortium without furthersignificant delay. In this regard, the Independent Directors have todayrequested the Irish Takeover Panel to impose a deadline for the Consortium toclarify its position. 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