Irish incumbent Eircom has given potential suitors until 18 November to submit takeover offers, according to reports citing a letter sent from its independent directors.
Eircom, which on 28 October announced that it had been approached by an…
Irish incumbent Eircom has given potential suitors until 18 November to submit takeover offers, according to reports citing a letter sent from its independent directors.
Eircom, which on 28 October announced that it had been approached by an undisclosed company to help restructure its €3.75bn (US$5.3m) of debt, declined to comment. However, a person briefed on the matter confirmed the letter’s contents to TelecomFinance.
Reports suggest Hong Kong conglomerate Hutchison Whampoa and Ireland-based regional mobile operator Digicel have approached the group about a takeover. Both companies have declined to comment on the speculation.
On 2 November, an Irish Independent report, citing sources, stated that a formal Digicel/Eircom takeover proposal was just days away.
Singapore Technologies Telemedia (STT) owns two-thirds of Eircom, with the remaining stake held by employee shareholder trust ESOT.
Eircom is being advised by Gleacher Shacklock and JP Morgan. Houlihan Lokey is advising the group’s first lien lenders, while Moelis is thought to be advising its second lien debtors.
