Irish Continental, the shipping, transport and leisure group, announced today that it has agreed the terms for a management buyout that values the business at around €471m. 

The offer has been made through Aella Plc, a company owned and controlled by Irish Continental's senior management. 

Irish Continental's independent directors said they will be recommending the cash offer to shareholders, describing it as a “fair and attractive opportunity”. 

The news of the offer comes on the same day as the group's preliminary statement of results for the 2006, which showed a 30 percent increase in EBIDTA to €59.7m, and a 4.6 percent increase in turnover to €312.1m.

Founded in 1972 as Irish Continental Line, Irish Continental operates passenger and car ferry services between Ireland, the UK and France as well as freight transportation. It also provides travel and holiday packages.