The independent board of Irish Continental Group has told shareholders that the €1.2 billion management buyout led by chief executive Eamonn Rothwell is “likely to fail” based on indicative proxy votes received so far, unless more shareholders come out in support of the deal. The independent board, chaired by John McGuckian, who has served on the Irish Ferries board since 1988, issued the unexpected statement this morning, while stressing that a “significant number of shareholders have not yet cast their votes.” The independent board is also backing the MBO offer, and it has described the €8.00 a share offer as…

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