Cardinal Asset Management has been selected by the Irish government as one of the final two bidders for state-owned building society EBS. Bancassurer Irish Life & Permanent is the other bidder. Doughty Hanson and JC Flowers had also bid for the building society, but failed to get through to the last round.
(Reuters) – Bancassurer Irish Life & Permanent and Dublin-based private equity group Cardinal Asset Management have been selected as the final two bidders for state-run EBS [EBSBS.UL], Ireland’s largest building society, the Minister for Finance confirmed on Friday.
The two bidders will be asked to prepare final offers over the coming weeks, the ministry said in a statement.
Two other private equity groups — Doughty Hanson and JC Flowers had been holding talks with EBS about a deal.
(Reporting by Matt Scuffham; Editing by Greg Mahlich)