E-Island ups Eircom bid

The Denis O’Brien led E-Island consortium has upped its bid overnight for

Eircom’s fixed line business.

The revised offer is now 9 cents higher than the rival Valentia consortium, which is led by Sir Anthony O’Reilly. It is understood the new offer would cost E-Island an extra 88 million euros.

E-Island’s previous offer was rejected because the 35% shareholder,

Comsource, was legally bound to accept the Valentia deal until an offer of

more than 1 euro 35 cents was made.

The Eircom board will meet this morning to discuss the latest offer.