Feeds

Execs back $2.4bn Eircom buy-out

Danon in line for chairman's job

Internet Security Threat Report 2014

The former head of BT's giant retail business in the UK is set to take a top job at Eircom after the Irish incumbent announced today that it is backing a $2.4bn (£1.64bn) bid for the business.

Pierre Danon, the former chief exec of BT Retail, is due to become chairman of the Eircom once the deal is completed.

In an announcement today, execs at Eircom said they are behind a recommended cash offer for the business from Australian investors Babcock & Brown and employee group Eircom ESOP Trustee Limited.

A newly-incorporated business - BCMIH - incorporating Babcock and ESOP Trustee Ltd has been set up to handle the acquisition.

Current chairman Sir Anthony O'Reilly said the directors of Eircom "intend unanimously to recommend shareholders to vote in favour of the [deal]".

"The independent directors believe that the cash offer, which recognises the successful implementation of Eircom's stated strategy, is fair and reasonable and is in the best interests of Eircom ordinary shareholders, who will receive a substantial return on their investment since the Eircom IPO in March 2004," he said.

Last year, Eircom was being eyed up by European telco Swisscom. But that approach was blocked by the Swiss Government, which owned a majority stake in Swisscom, after it decided the telco should not press ahead with plans to expand overseas. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.