Execs back $2.4bn Eircom buy-out

Danon in line for chairman's job


The former head of BT's giant retail business in the UK is set to take a top job at Eircom after the Irish incumbent announced today that it is backing a $2.4bn (£1.64bn) bid for the business.

Pierre Danon, the former chief exec of BT Retail, is due to become chairman of the Eircom once the deal is completed.

In an announcement today, execs at Eircom said they are behind a recommended cash offer for the business from Australian investors Babcock & Brown and employee group Eircom ESOP Trustee Limited.

A newly-incorporated business - BCMIH - incorporating Babcock and ESOP Trustee Ltd has been set up to handle the acquisition.

Current chairman Sir Anthony O'Reilly said the directors of Eircom "intend unanimously to recommend shareholders to vote in favour of the [deal]".

"The independent directors believe that the cash offer, which recognises the successful implementation of Eircom's stated strategy, is fair and reasonable and is in the best interests of Eircom ordinary shareholders, who will receive a substantial return on their investment since the Eircom IPO in March 2004," he said.

Last year, Eircom was being eyed up by European telco Swisscom. But that approach was blocked by the Swiss Government, which owned a majority stake in Swisscom, after it decided the telco should not press ahead with plans to expand overseas. ®


Other stories you might like

  • Amazon warehouse staff granted second chance to vote for unionization

    US labor watchdog tosses previous failed result in the trash

    America's labor watchdog has given workers at Amazon’s warehouse in Bessemer, Alabama, another crack at voting for unionization after their first attempt failed earlier this year.

    “It is ordered that the election that commenced on February 8 is set aside, and a new election shall be conducted,” Lisa Henderson, regional director at the National Labor Relations Board, ruled [PDF] on Tuesday.

    “The National Labor Relations Board will conduct a second secret ballot election among the unit employees. Employees will vote whether they wish to be represented for purposes of collective bargaining by the Retail, Wholesale and Department Store Union.”

    Continue reading
  • It's the flu season – FluBot, that is: Surge of info-stealing Android malware detected

    And a bunch of bank-account-raiding trojans also identified

    FluBot, a family of Android malware, is circulating again via SMS messaging, according to authorities in Finland.

    The Nordic country's National Cyber Security Center (NCSC-FI) lately warned that scam messages written in Finnish are being sent in the hope that recipients will click the included link to a website that requests permission to install an application that's malicious.

    "The messages are written in Finnish," the NCSC-FI explained. "They are written without Scandinavian letters (å, ä and ö) and include, for example, the characters +, /, &, % and @ in illogical places in the text to make it more difficult for telecommunications operators to filter the messages. The theme of the text may be that the recipient has received a voicemail message or a message from their mobile operator."

    Continue reading
  • AsmREPL: Wing your way through x86-64 assembly language

    Assemblers unite

    Ruby developer and internet japester Aaron Patterson has published a REPL for 64-bit x86 assembly language, enabling interactive coding in the lowest-level language of all.

    REPL stands for "read-evaluate-print loop", and REPLs were first seen in Lisp development environments such as Lisp Machines. They allow incremental development: programmers can write code on the fly, entering expressions or blocks of code, having them evaluated – executed – immediately, and the results printed out. This was viable because of the way Lisp blurred the lines between interpreted and compiled languages; these days, they're a standard feature of most scripting languages.

    Patterson has previously offered ground-breaking developer productivity enhancements such as an analogue terminal bell and performance-enhancing firmware for the Stack Overflow keyboard. This only has Ctrl, C, and V keys for extra-easy copy-pasting, but Patterson's firmware removes the tedious need to hold control.

    Continue reading

Biting the hand that feeds IT © 1998–2021