Final bidders for EBS confirmed

Dublin: Irish Life & Permanent (IL&P) and a consortium of private equity investors, led by Dublin-based house Cardinal Capital, have been confirmed as the final two bidders who will battle it out for control of the EBS Building Society, which is currently under state control.

Although fully expected, Finance Minister Brian Lenihan formally confirmed the preferred bidders yesterday.

The Department of Finance added that the two bidders (international private equity houses, Doughty Hanson and JC Flowers had also been in the frame up to now) will now be asked to prepare final bids over the coming weeks. It is expected that the final sale will go through by the end of the year, or early next year.

US investment company WL Ross – which forms part of the Cardinal consortium, as does international investor the Carlyle Group – said recently that it was interested in part-acquiring the EBS and buying other distressed Irish lenders.

IL&P is hoping to merge its loss-making banking arm, Permanent TSB, with the building society to form a third force in Irish banking and is also open to further acquisitions in the sector.