Irish Continental urges shareholders to support takeover by Bluefin

Irish Continental on Thursday reiterated its support for the takeover proposal submitted by Bluefin Bidco Ltd, which the group said could fail based on the proxy votes received so far.

The Dublin-based ferry operator noted that the proxy votes already cast indicate that the takeover scheme is likely to fail and urged shareholders to change their votes or vote in favour if they have not already done so.

Irish Continental shareholders are currently considering a proposal for the acquisition of the group by Bluefin for EUR1.2 billion in total, or EUR8.00 per share, representing a 28% premium to its EUR6.24 closing share price on July 24, the day Bluefin made its offer.

The takeover is expected to become effective in the fourth quarter of 2026.

On Tuesday, Pageant Investments Ltd said it would vote against the takeover, as it views the share price of Irish Continental as undervalued.

Meanwhile, Irish Continental's independent board recommended that shareholders support the takeover at the extraordinary general meeting on August 28. On Thursday, Irish Continental said that if the takeover fails, its share price might revert to or fall below EUR6.24.

Irish Continental shares fell 2.8% to EUR7.06 each on Thursday morning in Dublin, while trading 8.3% lower at 605.00 pence each in London.

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