4pm deadline for Eircom bids

Potential bidders for the fixed line service of Eircom have until 4pm today to make their final offers for the business.

The Valentia consortium, led by Dr Tony O’Reilly, and Denis O’Brien’s eIsland group are both expected to increase their bids before the deadline.

It emerged this morning that the main financial backer for the eIsland group is the Boston based firm, Spectrum Equity Investors.

Eircom’s share price has increased dramatically in the past few days, as there has also been reported interest from two US investment firms.

It is believed that the US investment firm, Kholberg Kravis Roberts, will make a bid before the deadline and there is still mystery surrounding a possible bid from Dermot Desmond, who is backed by the US company, Blackstone.

After the deadline has passed, the Eircom board will decide what the most attractive offer is.