O'Brien increases bid for Eircom

The businessman, Denis O'Brien, has increased his bid to buy Eircom. Mr O'Brien's e-Island consortium announced tonight that it was offering an all-in consideration of 1 euro and 24 cents per share. Both e-Island and Tony O'Reilly's Valentia consortium submitted bids thought to be at a level of 1 euro 20 per share. Mr O'Brien said that the bid would put e-Island well ahead of the other parties interested in buying the company. The dramatic move came only hours after Mr O'Brien gave evidence at the Moriarty Tribunal, which conflicted with that of the Norwegian telecom company, Telenor, concerning the payment of $50,000 to Fine Gael.