Directors to net €7.8m from takeover

EIRCOM directors stand to make €7.8 million from the sale to Babcock & Brown.

Chief executive Philip Nolan, who is expected to exit the company when the takeover is completed, will net almost €3.5m for cashing in his share options. Dr Nolan holds €1.5m Eircom shares.

Peter Lynch, finance director, and Cathal Magee, the head of retail operations, will each get €1.1m.