Babcock & Brownset for Eircom bid

BABCOCK & BROWN is expected to make a full bid for Eircom this week, according to reports.

The Australian-based investment bank, which has been building its shareholding in Ireland’s biggest telecom for months, is set to bid at €2.25 per share for the company, with existing shareholders also set to receive the dividend of 5c.

Such a takeover price would be well above Eircom’s closing share price of €2.13 on Friday. The bid in question would also value Eircom at more than €2.4 billion.