The Australian banking group Babcock & Brown and the eircom Employee Share Ownership Trust (ESOT) have finally submitted their EUR2.42 billion (USD3.06 billion) offer for Irish incumbent eircom. A newly-incorporated BCM Ireland Holdings (BCMIH) was formed to implement the offer, backed by B&B Capital, its affiliates, and ESOT. Once the takeover is completed, Babcock & Brown will hold 65% of eircom, with ESOT controlling the remainder. The pair already own over 50% of the ordinary share capital between them. Under the terms of the offer eircom shareholders will receive EUR2.20 in cash per share, plus a second dividend of EUR0.052 a share for the fiscal year ended-March 2006, which is expected to be paid in late June. The BCMIH offer values eircom at EUR2.416 billion.