An announcement on the outcome of negotiations with the management buy-out group Aella and the One51/Doyle shipping consortium Moonduster had been expected by 6pm last Friday. But in a vaguely-worded statement issued an hour after the Irish Stock Exchange closed, the directors said that they had deferred a final statement on the matter until tomorrow.

A spokesman for the directors could not confirm why the timing had changed, a source within One51 told the Sunday Tribune no deal was in the works that would require an extension.

Aella and Moonduster have been in a deadlock since June when chief executive Eamonn Rothwell tabled a 22 per share bid to match Moonduster's proposal, which initially been thought to be unassailable. With both parties fixed at the same bidding price and each holding a blocking share of roughly 20% of the company, neither could emerge as a clear winner without some sort of a deal.

On 3 August, the independent directors set the 17 August deadline to end the stalemate, but neither side appears to have budged. Philip Lynch told One51 shareholders at their AGM ten days ago that he was content to hold his stake long term.

Assuming the deadline has elapsed without continued negotiations, ICG has dropped the competing offers and neither Aella nor One51 will be permitted to submitted further bids for the company for 12 months.

Theoretically, this leaves the door open for property developer Liam Carroll, who for months has been stakebuilding using contracts for difference . . . to the level of more than 19% . . . at prices in and around 25.

At the beginning of the month, when he held about 17% of ICG, Carroll reportedly approached Moonduster with an offer to buy the vehicle out of its shareholding. Moonduster rebuffed the offer, leaving the contest in limbo.