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Hutchison named as €2bn bidder for Eircom
04 May 2012
Report suggests rejected bid for Irish operator Eircom was submitted by Hutchison’s 3 Ireland
Hutchison Whampoa is said to have submitted a bid of around €2 billion for Ireland’s Eircom Group.
Court-appointed bankruptcy examiner Michael McAteer of Grant Thornton rejected the cash offer by Hutchison’s 3 Ireland because of the excessive conditions involved, but Hong Kong-based Hutch is likely to submit another bid, reports Bloomberg, citing unnamed sources.
Eircom recently revealed that McAteer had rejected a conditional non-binding offer for the company, but did not reveal the identity of the bidder or the price offered. McAteer confirmed to Bloomberg that he has not received any other offers since.
Eircom and 3 Ireland representatives as well as a spokesman for Eircom’s senior lenders declined to comment on the report.
Eircom filed for examinership — the Irish version of bankruptcy protection — on March30, with €3.8 billion of net debt.
Hutchison agreed earlier this year to acquire Orange Austria, and is reported to be wanting to expand its wireless business in Europe. GTB
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