Eircom likely to be sold to STT – Source (Ireland)

www.WirelessFederation.com/news: Eircom is anticipated to be sold to Singapore Technologies Telemedia (STT) ‘by the end of next week’, industry source reveal.
It was earlier reported that STT has submitted bid to acquire 57.1% of 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 per share.