Bobby Aylward (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

It sounds more like an amalgamation than a takeover and that UCC's name is being used because IMI was not viable by itself. It had debts and a bad history over ten years. Then UCC came in and it appears that UCC's name is being used to get better deals with banks and to run IMI separately. IMI is now a subsidiary of UCC.