Monday 22 May 2017

Eircom rejects €3.2bn approach to buy company

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Donal O'Donovan

Donal O'Donovan

Eircom said it has rejected a €3.2bn approach to buy the company.

The company, which abandoned plans to float in the stock market last year, said it has “previously received” a non-binding expression of interest to buy the group for an aggregate price in the range of €3.2bn to €3.3bn.

The bidder was very credible, Eircom said in an announcement to the stock market. However, the board believed that, with the business reaching an “inflection point”, that the indicated offer level undervalued the group.

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