O'Brien lodges new proposals to Eircom employees

Updated: 15:02, Saturday, 14 July 2001

Denis O'Brien's eIsland group is set to put forward new proposals to Eircom employees in order to gain support for its latest bid to buy the former state phone company.

Denis O'Brien,New proposals to Eircom employees Denis O'Brien,New proposals to Eircom employees

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Denis O'Brien's eIsland group is set to put forward new proposals to Eircom employees in order to gain support for its latest bid to buy the former state phone company. The offer of 1 euro and 36 cents a share was accepted by the Eircom board last night.

EIsland's new proposals include a guarantee on jobs, and an additional seat on the Eircom board. The proposals also allow the trust to increase its stake in Eircom to 29.9%. EIsland will be seeking to meet with the employee trust within the next few days. The trust has so far backed the rival Valentia bid. Valentia now has two weeks to match Denis O'Brien's offer.

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