| 17.7°C Dublin

Eircom's second €2bn cash offer

TELECOM group 3 made a fresh offer to buy out Eircom following the rejection of a previous bid.

The company's second offer for Eircom has been made to accountant Michael McAteer of Grant Thornton.

Grant Thornton has been overseeing Eircom as an examiner since the business fell into insolvency at the end of March.

Hutchison, the parent company of 3 Mobile, amended its offer after the court-appointed examiner overseeing Eircom's reorganisation rejected an initial bid over the conditionality attached.

Eircom was granted court protection from creditors at the end of March to allow it to restructure €3.75bn of debt, the largest examinership granted in Irish corporate history.

It comes as Mr McAteer pursues an ambitious timetable that aims to have Eircom emerge from examinership with a viable debt burden as early as May 24.

The second offer to come from 3 Mobile is understood to be for €2bn in cash, the same price offered in the earlier rejected bid.