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Caveat emptor

23 May 2006 By Mike Verdin

Australia s Babcock & Brown Capital is paying a richer multiple for the Irish telecoms operator than Denmark s TDC went for. It has also given favourable terms to its buyout partner, Eircom s pension fund. No wonder B&BC trades at a discount to its net asset value. It has also given good terms to its buyout partner, Eircom s employee trust. No wonder B&BC trades at a discount to its net asset value.

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