Hutchison said to bid $2.6b for Eircom

Dylan Bushell-Embling
telecomasia.net
Hong Kong based Hutchison Whampoa is reportedly pursuing a takeover of heavily indebted Irish operator Eircom, in a bid to boost its European presence.
 
Sources claim Hutchison Whampoa has already made a €2 billion ($2.6 billion) bid for Eircom, which filed for bankruptcy protection in March, according to multiple reports including one from Bloomberg
 
This initial offer was rebuffed because there were too many conditions attached, but a person close to the deal told MarketWatch that Hutchison Whampoa has resubmitted a €2 billion bid, free of any conditions except a request for due diligence.
 
The bid has reportedly been made through Hutchison's 3 Ireland subsidiary, and a takeover of Eircom could allow the company to bolster its telecom presence in the nation.
 
So far the companies are declining to publicly comment on whether such a deal is on the table.
 
But the company handling Eircom's insolvency process, Grant Thornton, has given a deadline of today for final investment proposals from interested parties. So the prospective deal should be confirmed or denied soon.

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