Business Irish

Saturday 22 July 2017

Eircom bidders have two weeks to table offers

TELECOMS

Donal O'Donovan

Donal O'Donovan

EIRCOM has given bidders until November 18 to table offers for the business, according to two lenders to the firm.

The "put up or shut up" letter is a sign that Eircom's own board wants to speed up efforts to slash its debts and secure financing for the company.

The letter was sent out by Bernard Somers and other independent directors appointed to the board of Eircom in September.

Such letters are fairly standard in corporate takeover deals, but unusual in cases like Eircom, where the focus is on restructuring the company's debts.

Eircom has received two formal proposals to date.

A spokesman for Eircom refused to comment on the latest developments.

Irish Independent

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