Eircom confirms $2.9b buyout offer

Eircom confirmed it had received a $2.9-billion buyout offer, adding to the growing trend of European telecom mergers, a Dow Jones report said.
The report, quoting Eircom, said an investor group led by Australia-based Babcock & Brown made a cash proposal of 2.20 euros a share, or 2.36 billion euros ($2.9 billion).
Eircom's own retirement fund was a partner in making the bid, the report said.
The offer had been expected, as Babcock & Brown had been steadily building a stake in the firm since February and had become its leading shareholder, the report said.
Eircom did not say whether or not it would recommend the bid, the report said.
Swisscom earlier tried to buy Eircom, but the Swiss government forced the firm to abandon the attempt, the report added.