Eircom shareholders who backed the sale of Eircell to Vodafone should receive their shares in the British company before May 25 after Vodafone announced this morning that its offer for Eircom's mobile division Eircell had become unconditional.
Eircom shareholders voted on Friday to demerge Eircell into a new company, Eircell 2000, the shares in which were then acquired by Vodafone.
The Eircom share price has now been adjusted to take account of the loss of Eircell, and rose eight cents to 1.14 euro in Dublin today.
Vodafone shares closed down nearly 6% at 190p sterling in London. At this price, Eircom shareholders are receiving the equivalent of 1.46 euro per Vodafone share. Added to the Eircom price, this gives a value of 2.60 euro, still well short of the 3.90 euro flotation price.
