ESOT backs O'Reilly bid

The Eircom Employee Share Ownership Trust has voted overwhelmingly to endorse Anthony O’Reilly’s bid to take over the company.

More than 7,000 members of the employee trust voted by 92% last night to support the Valentia consortium’s offer of €1.365 per share.

In a separate ballot, 95% rejected e-Island’s offer of €1.36.

Ordinary shareholders should receive offer documents from Valentia by the end of this week.