REPEAT: Bluefin will not raise takeover offer for Irish Continental
(Alliance News) - Bluefin Bidco Ltd on Monday announced it will not raise its takeover offer for Irish Continental Group PLC.
Bluefin's cash offer values the Dublin-based ferry operator at EUR1.2 billion, or EUR8.00 per share, a 28% premium to its EUR6.24 closing share price on July 24, the day Bluefin made its offer.
Bluefin highlighted that the offer was recommended by the independent third-party proxy advisory firm Institutional Shareholder Services.
Bluefin said Monday it "considers the financial terms of the acquisition to be very fair and therefore confirms today that the financial terms of the acquisition are final and will not be increased."
Bluefin expects the takeover to become effective in the fourth quarter of 2026.
Irish Continental shares were down 0.8% at EUR7.86 each on Monday afternoon in Dublin. In London, shares were down 2.9% to 665.00 pence each.
By Tom Budszus, Alliance News slot editor
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