The Communications Workers' Union has met representatives of Australian company Babcock & Brown to discuss the possible takeover of Eircom.
General secretary Steve Fitzpatrick described the talks as 'cordial and constructive'. But he said it was too soon to say if the union was satisfied it had received the type of assurances it wanted.
Eircom this morning confirmed to the stock exchange that it had received a joint proposal from Babcock & Brown Capital and the Eircom ESOP Trustee Ltd, which may or may not lead to an offer for the company.
The company made the original announcement on Friday when the stock markets were closed.
The approach values Eircom at just under €2.4 billion. Under the proposed offer, Eircom shareholders would be offered €2.20 per share and a dividend of 5.2 cent per share. It brings the total value of the offer to above €2.25 per share.
Babcock & Brown is the largest shareholder in Eircom with 28.8% of the stock while the ESOP controls just under 22%. It has been steadily increasing its stake in the company since December. The combined Babcock and Brown/ESOT stake amounts to just over 50%.
Eircom shares closed up two cent to €2.16 in Dublin.
