First round in bid process closes to day. AIB to go through
Anglo Irish Bank (AIB) will move to the next stage of bidding for Quinn Insurance, meeting today’s 5.30 deadline set by merchant bank Macquarie, as will Aviva, RSA, FBD, and Liberty, The Irish Independent reports.
Bidders are not allowed to reveal they are bidding and have to sign confidentially agreement with Macquarie.
Lobby group Concerned Irish Business (CIB) supports the AIB as it will leave Quinn intact, the Independent reports in a separate story. "I don't think people have gotten to grips with the ripple effect throughout Ireland if Quinn isn't saved," said Kieran Murray, who prints for Quinn.