Deadline set for EBS takeover bids

EBS Building Society, the country’s biggest customer-owned lender, set an August 9 deadline for a second round of takeover bids, according to two people with direct knowledge of the situation.

Four companies submitted initial offers as EBS seeks to raise about €785 million to meet capital standards set by the country’s financial regulator. The company may choose a buyer by the end of August, said one person, who declined to comment because the process hasn’t yet been completed.

JC Flowers & Co, the US leveraged buyout firm, Doughty Hanson & Co, a British rival, Irish Life & Permanent Plc and Cardinal Asset Management are the four parties involved in the first round of bidding.

While the Government has already injected €350 million into the company, that may be repaid by the successful bidder. Cardinal Asset Management, led by Dublin-based financiers Nick Corcoran and Nigel McDermott, is backed by US buyout firm Carlyle Group, the person said.

Rosanna Konarzewski, a spokeswoman for Carlyle, declined to comment. It is understood Carlyle is supporting an expression of interest from Cardinal.

The regulator said in March that EBS needed additional capital of €875m.

The lender raised €90m through a debt buyback deal, said Gerry O’Sullivan, a spokesman for the company. He declined to comment on the sale process.

Doughty Hanson and Cardinal’s Mr McDermott didn’t immediately return calls seeking comment.


Lifestyle

Their paths first crossed on the top floor of the library at University College Cork in October 2010 when both were students there so Amy Coleman and Steven Robinson were delighted to retrace their footsteps on their big day.Wedding of the Week: College sweethearts open new chapter

Peter Dowdall reveals why all roads will lead to Tullow in County Carlow on February 1Snowdrop patrol: Why all roads will lead to County Carlow

Lower the volume on regular crawthumping lipservice emanating from much of the body politic to instead focus on specific actions and strategies of real substance — or the lack thereof — and it becomes increasingly obvious with each passing year the State has largely given up on ‘Rural Ireland’ and, in particular, the farming community that was once the bedrock of this nation.Restaurant review: The Thatch and Thyme, Kildorrery, Co Cork

Having adopted a ‘low profile’ for the month of January, The Menu will be kicking out the jams in fine fashion at what promises to be one of the culinary events of the year ahead, an exclusive sake dinner, on February 4, in the serene sanctuary of chef Takashi Miyazaki’s Michelin-starred Ichigo Ichie, in Cork City.The Menu: Upcoming food highlights include exclusive sake dinner and a cooking competition

More From The Irish Examiner