Oxy Capital, a 1.4% shareholder in Irish Continental Group, has published a public letter urging all independent shareholders to reject a €1.2 billion management bid for the company, arguing it “materially undervalues” the business.  The four-page letter was sent on Thursday to the board of ICG. It explains the key reasons why Oxy Capital, which has offices in Lisbon and Milan, believes the MBO bid led by chief executive Eamonn Rothwell is too low and why it believes its management is “seeking to take ICG’s uniquely valuable mix of infrastructure assets private at a 39% discount to relevant precedent transactions…

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