The independent board of Irish Continental Group (ICG) is considering adjourning Friday’s extraordinary general meeting (egm) on a €1.2 billion deal to sell the ferries operator to management led by chief executive Eamonn Rothwell, as the transaction is currently on track to be shot down by shareholders. The company said in a statement on Wednesday night that certain resolutions on the deal will not currently achieve the 75 per cent majority threshold needed to approve the transaction as structured under a so-called scheme of arrangement. It said that it is aware of at least one instance where a shareholder that voted against the deal by proxy but has since changed their minds and plans to support the sale. Independent board directors are known to have been actively canvassing investors that had come out against the deal.The independent board has also been made aware that, in some instances, certain intermediaries have set deadlines for shareholders to register their votes as early as two weeks in advance of the meeting, which may not have given the investors enough time to make voting instructions. “The independent ICG board further notes that a significant number of shareholders have not yet cast their votes,” the statement added. The company said that it will provide a further update on Thursday. “The independent ICG board continues to consider the terms of acquisition to be fair and reasonable and supports its unanimous decision to recommend that shareholders vote in favour of the scheme, and the independent ICG board reiterates its previously stated belief that the offer delivers compelling value for ICG shareholders,” it said. “For the avoidance of doubt, the independent ICG board confirms that the company is not in discussions with, and has not received any communication from, any third parties regarding a potential competing offer.”