Inadequate offer for Eircom rejected

EIRCOM Holdings has rejected a takeover offer it received for the group from Singapore Technologies Telemedia on the grounds that the bid is inadequate.

In a brief statement the holding company said the offer was close to the lower end of the asking range for the business. Eircom said it would examine offers of between €30 and €40 million for the business.

It said in a statement to the stock exchange that the offer was “incomplete and doesn’t have the support of Eircom’s board”.