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• Eircom management reject Aussie offer

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  Helena Deane    Group moderator

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  Eircom management reject Aussie offer

  Management at Eircom today said they reject the proposed takeover of the company by a group of Babcock and Brown executives.
  
  "Eircom does not support the TaemasBridge proposal and believes it is damaging to Eircom's interests and its future," management said.
  
  "The model that Eircom has experienced since 2006 has failed the company, its employees and its investors, and has seriously damaged its credibility. The interests of Eircom and its stakeholders are absent from TaemasBridge and lessons have not been learned."
  
  Eircom rejected the suggestion that there was a "looming default" at the company, which has a debt burden of around E4 billion.
  
  A company called TaemasBridge, which is led by former Babcock executive and financier Rob Topfer, who masterminded the Australian group's takeover of Eircom in 2006, made the takeover move yesterday. It proposes to de-list Babcock Brown Capital, which owns Eircom and the Israeli Golden Pages, restructure its 3.8 bn euro debt and possibly introduce compulsory redundancies. In a document posted on BCM's website yesterday, TaemasBridge said it would use "the looming default to extract concessions from debt holders".
  
  (Bizworld)
  
  • 17 Apr 2009, 11:59 am
  Helena Deane wrote: > Management at Eircom today said they reject the proposed takeover of > the company by a group of Babcock and Brown executives. > > "Eircom does not support the TaemasBridge proposal and believes it is > damaging to Eircom's interests and its future," management said. > > "The model that Eircom has experienced since 2006 has failed the > company, its employees and its investors, and has seriously damaged > its credibility. The interests of Eircom and its stakeholders are > absent from TaemasBridge and lessons have not been learned." > > Eircom rejected the suggestion that there was a "looming default" at > the company, which has a debt burden of around E4 billion. > > A company called TaemasBridge, which is led by former Babcock > executive and financier Rob Topfer, who masterminded the Australian > group's takeover of Eircom in 2006, made the takeover move yesterday. > It proposes to de-list Babcock Brown Capital, which owns Eircom and > the Israeli Golden Pages, restructure its 3.8 bn euro debt and > possibly introduce compulsory redundancies. In a document posted on > BCM's website yesterday, TaemasBridge said it would use "the looming > default to extract concessions from debt holders". > > (Bizworld)