Eircom has successfully concluded the €423 million rights issue it launched to pay for the acquisition of mobile phone firm Meteor.
Eircom said last night that shareholders had agreed to take up 99 per cent of the new shares being offered in the rights issue.
The remaining new shares, known as the "rump", will be sold to buyers found by the underwriters of the rights issue, Goodbody and Morgan Stanley. These shares are being taken up at €2.21.
The rights issue was offered at €1.35 and consisted of five new shares for every existing block of 12 shares. Its completition will involve the issue of 313 million new shares.
Shares in Eircom slipped back a touch yesterday as Thursday's frantic takeover speculation subsided. The stock held on to much of its new strength, however, closing three cent lower at €2.21.
The rights issue has attracted much commentary in the market because of the perception that some brokers have been building large stakes in the rights to buy Eircom's new shares.
This was taken as a sign that Eircom could be about to attract a takeover bid, with Swisscom linked to a possible offer.
Eircom denied that it was "currently" in talks with the Swiss telecoms firm, but it is understood that some discussions took place between the two parties several months ago.
