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Sunday, November 8, 
2:04 am

Interest builds for Bank of Ireland as a target

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Dublin financial institution Bank of Ireland Group plc said Friday it had received unsolicited approaches from a number of unnamed potential bidders, pushing up its share price by over 26% at its peak in morning trading and at least partially confirming Irish media reports of buyer interest.

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However, the bank gave no pointer as the identity of the bidders, despite reports in Irish newspapers, Friday, naming a consortium led by Dublin investor Cardinal Asset Management and including Carlyle Group and either JC Flowers & Co. LLC or Kohlberg Kravis Roberts & Co. The Irish Times said the consortium was named Maulabracka, after an area of the country near Cork, while the Irish Independent said it planned a €2.5 billion to €3 billion ($3.13 billion to $3.76 billion). The Irish Times said the consortium was advised by New York investment bank Sandler O'Neill. Cardinal could not be reached Friday, while Carlyle declined to comment.

Meanwhile, the Irish Times said a U.S.investor group was looking at a stake in the bank and might also be interested in a merger of Bank of Ireland and Irish insurer Irish Life & Permanent plc. But the Dublin firm issued a statement instead saying it had been "in discussions with the EBS Building Society about how the two institutions might work together in the current market environment." - Jonathan Braude





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