DCSIMG

QBRC bid progressing

The QBRC bid on Aventas businesses is progressing well, with official news expected in the next few weeks.

QBRC lodged the first part of its offer to acquire all the former Quinn manufacturing businesses with the exception of the glass business on May 7. At that time, Cllr John McCartin said they expected that Aventas would “open the books” for the QBRC. They had expected to hear confirmation of their bid within a few days.

Almost a month on, Cllr McCartin said QBRC are “happy with the level of contact with Aventas and advisors” and “there is a lot of work to be done.” Official news on the bid is expected within the next few weeks.

In other news, an action by the family of Sean Quinn against the Central Bank, Finance Minister, and 10 former board members of Anglo Irish Bank for multimillion euro damages over an alleged conspiracy to unlawfully shore up the share price of Anglo is to be fast-tracked by the Commercial Court. The Quinn family claim the defendants were aware and approved of the making of €2.34bn illegal loans to Quinn companies between September 2007 and July 2008 to fund margin calls on contract for difference positions in Anglo shares, causing substantial damage to the Quinns’ shareholdings in those companies.

 
 
 

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