Sir Anthony O'Reilly, Consortium strikes deal with workers' trust
One of the groups bidding to take over Eircom has concluded a deal with the employees' share option trust under which the workers would be entitled to own just under 30% of the company. The offer by the Valentia consortium, headed by Sir Anthony O'Reilly, would allow the employees to double their holdings in Eircom from the current level of 14.9%.
It is also an increase on the 24.9% offered to the employees last night by Valentia's rivals, the e-Island group led by Denis O'Brien. The support of the employees' trust is essential for a successful bid, which will need the approval of 80% of the shareholders.
