For immediate release: Friday 3 August 2001
eircom plc: decision to extend time for posting of Valentia Offer Document
The Irish Takeover Panel (the “Panel”) announces that a request was received from advisers to the Valentia consortium to grant a further period of 28 days to post an offer document setting out the terms of a revised and increased, recommended cash offer. Such request was accompanied by a submission made on behalf of eircom to the effect that eircom believes that the granting of the extension of time would be in the interests of shareholders generally of eircom. The request was also accompanied by a submission made on behalf of the ESOT to the effect that the ESOT supported the application made on behalf of Valentia.
At a meeting of the Board of the Panel today, the Board of the Panel decided to grant an extension pursuant to Rule 30.2 of the Irish Takeover Panel Act, 1997 (Takeover) Rules of the time within which Valentia must post its offer document in respect of its revised and increased, recommended cash offer for a further period of 28 days, that is to say up to and including midnight on 31 August 2001, provided that the terms, conditions and details of such revised and increased, recommended cash offer are announced today 3 August 2001. The Panel has decided, having regard to the exceptional circumstances, namely the proposed announcement by Valentia of a revised, increased recommended cash offer and the necessity for a ballot of the members of the ESOT, that it is in the interests of the shareholders of eircom to grant this extension, with a view to ensuring that the revised and increased, recommended cash offer of Valentia be made available for consideration by shareholders of eircom.
End.
