The board of Industrial Engineering Company for Construction and Development (ICON) has agreed to allow Irish insulation manufacturer Kingspan to conduct due diligence on its sandwich panel-making business, it said in a bourse disclosure (pdf) yesterday. An independent financial advisor will also be appointed to prepare a fair value study for the business.

Background: Kingspan is bidding to acquire at least 65% of Icon’s sandwich panel division. Icon is set to spin off the division (which manufactures components used to insulate the exteriors of buildings) into a separate company, in which Kingspan would then buy a stake.

Advisors: First Capital is acting as Icon’s financial advisor, while Alliance Law Firm is providing legal advice.

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