Ireland’s finance minister, Michael Noonan, has cancelled the sale of state-owned EBS Building Society, Bloomberg reports. The group comprising Wilbur Ross’ leveraged buyout firm, WL Ross & Company, Washington-based private equity firm, Carlyle, and Dublin-based investment boutique, Cardinal Capital Group, had placed a bid for EBS.
As per the National Treasury Management Agency, which is handling bank restructuring for the state, the offer was not commercially attractive to the state. The investors offered to inject over €600 million into EBS and also committed to a multi-billion euro funding and restructuring program to strengthen EBS.
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