In the waters between Dublin and London, a battle over the true worth of Irish Continental Group is playing out not in courtrooms but in share registries and proxy votes. A management consortium led by a 71-year-old chief executive is offering €1.2 billion to take the ferry operator private, but a growing coalition of investors is buying stock at a discount to that very offer — a paradox that speaks volumes about where they believe the company's value truly lies. With an extraordinary general meeting set for August 28th and a 75 per cent approval threshold to clear, the question is not merely