STT submits revised offer for Eircom shares

6 Aug 2009

Singapore Technologies Telemedia (STT), the investment fund controlled by Temasek Holdings, has submitted a revised offer for the 57.1% of Irish former monopoly Eircom held by Australian investment fund Eircom Holdings (ERC). In a statement published by the Australian Securities Exchange, ERC’s board confirmed it had studied and approved STT’s ‘definitive proposal’ to acquire all of ERC’s issued share capital. The Singapore-based group is offering ERC shareholders AUD0.40 (USD0.34) per share and has promised to distribute ERC’s available cash surplus in the form of a capital return; it assumes the capital return will be equivalent to AUD0.97/share. Under the revised proposal, shareholders can also opt to receive an alternative share in a company called BidCo, an unlisted enterprise that will be incorporated in the Cayman Islands, in lieu of exchanging their shares for money. If a deal is completed, it will be the fifth time Eircom has changed hands since it was privatised in July 1999. Shares in ERC, formerly known as Babcock Brown Capital (BCM), have been suspended on Sydney’s bourse while the fund’s board considers STT’s new proposal.

Ireland,eir (formerly Eircom),

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share