On Friday, the independent directors of ICG asked the Takeover Panel to impose a deadline on the process so they can confirm a timeline for shareholders, who have been waiting for a bid since the consortium commenced what was supposed to be a four-week due diligence period on 13 April. Shareholders had already accepted an 18.50 per share management buyout proposal from a group led by chief executive Eamonn Rothwell.

More than two weeks ago, the consortium issued a statement declaring the due diligence process was nearly complete and that an announcement was imminent, but there has been no bid, only accusations that attempts to make an offer have been frustrated by uncooperative independent directors. The consortium has not asked the Takeover Panel to step in, however.

Speculation has also arisen that the statement by Rothwell and three senior executives they will not remain with the company if the competing bid succeeds has spooked the consortium's backers, said to be Bank of Ireland and HBOS, and delayed the bid.

This rumour was rubbished by Dolmen head of research and ICG analyst Stuart Draper, however, who said Doyle's management was "completely capable" of running ICG. He said the consortium was probably trying to reach "a level of comfort in substantiating its legal advice" with respect to the deal.

Yet the consortium's failure to meet self-imposed expectations has convinced another well-placed analyst that One51/Doyle may ultimately not be willing to make a bid and will let any deadline lapse. With its 20% stake in the company . . . acquired at share prices up to 20.75 . . . the consortium can still block the MBO and prepare another bid for a leaner ICG after a 12month moratorium.

Late Friday the One51/Doyle consortium said in a statement: "The provision of all the remaining relevant information in a speedy manner is essential to enabling the consortium to make an offer as soon as possible."