Denis O'Brien,Chairman of the eIsland consortium
eIsland has posted its formal offer to shareholders for the purchase of Eircom. The consortium, which is chaired by Denis O'Brien, said this morning that it had posted the offer. The posting of this document triggers the two-week deadline during which Tony O'Reilly's Valentia consortium must decide whether to match the bid of €1.36 a share.
Valentia has already asked shareholders to take no action while it considers its position. Valentia had been favourite to seal the deal after agreeing terms with Eircom at the beginning of the month.
Over a week ago, however, eIsland presented Eircom with an improved offer, which the Eircom Board has recommended to shareholders. Valentia has managed to retain the support of the Eircom Employee Trust, which holds 14.9% of the company.
