ST Telemedia submits bid for Eircom (Ireland)

www.WirelessFederation.com/news: ST Telemedia has reportedly submitted a bid for Eircom, the Irish mobile operator. The Australian holding company Eircom Holdings (ERC) issued details on the offer of cash or shares in the new company. Under the proposals, shareholders cha choose for AUD 0.40 cash per ERC share or one share in the STT BidCo for each ERC share held. Both offers come with the planned capital return to ERC shareholders, estimated at AUD 0.97 per share. The ERC board said it is not recommending the offer to shareholders due to certain terms and conditions tied to the proposal, and as a result it will continue to negotiate with STT.