Eircom set to reject O’Reilly takeover

Eircom tonight looked like rejecting a late take-over bid - even though it topped a previous offer currently being negotiated with a consortium spearheaded by media boss Sir Anthony O’Reilly.

The board of the former state-run company considered the intervention - from a rival group headed by telecoms entrepreneur Denis O’Brien at a specially-convened meeting today - but were understood to have decided that a vital 35% stake held in Eircom by Dutch and Swedish companies, had been legally committed to the O’Reilly bid.