Ireland’s eircom accepts Singapore Telemedia offer

Andras Gergely

Eircom Holdings Ltd, the majority owner of indebted Irish telecoms group eircom, has accepted a takeover offer from Singapore Technologies Telemedia, eircom Holdings said on Monday.

Australia-listed eircom Holdings, formerly known as Babcock & Brown Capital, said in a Sydney stock exchange statement the offer was equivalent to A$1.335 ($1.15) per eircom share, representing a 20.2 percent premium to the closing price on 24 June 2009.

Eircom shares on Monday were up 2 percent at A$1.275.

Shareholders will be offered three payment forms by Singapore Technologies Telemedia, a unit of state investor Temasek Holdings: cash, scrip or a combination of the two.

‘For some eighteen months now, the directors of ERC have engaged in an extensive strategic review of ERC,’ eircom Holdings Chairman Kerry Roxburgh said. ‘The directors are now pleased to provide shareholders with an opportunity to realise the current value of their investment in eircom.’

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