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Hutchison revises €2bn Eircom bid
10 May 2012
Hutchison Whampoa’s Three Ireland unit makes new cash offer for bankrupt Irish phone company
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Eircom
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Hutchison Whampoa has made a revised €2 billion bid for Eircom Group, people familiar with the development told Bloomberg. The sources stated that the new cash offer by Hutchison’s Three Ireland unit eliminates a number of conditions that were attached to the earlier bid, which was rejected. However, representatives from both the companies have declined to comment on the matter.
Eircom had applied for bankruptcy protection on March 30 seeking to restructure €3.8 billion of debt built up in the past 13 years, which involved five ownership changes.
The examiner, Michael McAteer, is required by Irish creditor-protection laws to consider all bids for Eircom before signing any agreement with investors. GTB
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