The board of telecoms company Eircom has said it is confident it can find an alternative to the proposal from a group of Australian businessman to buy the company.
In a statement, Eircom's board repeated its opposition to that approach, led by Rob Topfer, who was involved in the takeover of Eircom in 2006.
'Eircom is confident that a different solution can be put in place which is in the best interests of all stakeholders in the company, including the shareholders in BCM, and which secures Eircom's long term future,' the statement said.
A majority stake in Eircom was sold in 2006 to BCM. The deal was negotiated by executives working for Australia's Babcock & Brown, then a big name manager of infrastructure companies.
BCM, whose main asset is Eircom, was later listed on the stock market attracting a large number of investors. It is now trying to separate itself completely from Babcock & Brown.
Eircom said it would work with its shareholders - BCM and the employee share ownership trust (ESOT) - to achieve a solution and was appointing independent advisers to help with the process.
Last week, Eircom management accused Mr Topfer and his colleagues of looking to use Eircom to generate cash for themselves while offering no investment.
The Australian consortium, known as Taemasbridge, is offering to buy the Eircom stake for the equivalent of €95m. The group would also assume €3.8 billion worth of Eircom debt. BCM has said the Taemasbridge proposal is unacceptable 'in its current form'.
