Feeds

Execs back $2.4bn Eircom buy-out

Danon in line for chairman's job

Beginner's guide to SSL certificates

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. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
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.