The Employee Share Ownership Trust (ESOT), which owns 14.9 per cent of Eircom, has asked Mr Denis O'Brien to clarify details of his latest offer before it will agree to meet him. Mr O'Brien's company, eIsland, bid #1.36 per share for Eircom last week, winning the backing of the company board which had previous supported the rival, lower, offer from Valentia Telecommunications. It also needs the support of the ESOT if it is to succeed.

A spokesman for the ESOT said yesterday that the trust was seeking further details of eIsland's business plan. It also wants the company to say what investment grade will be attached to Eircom after its takeover by eIsland.

Both eIsland and Valentia, which is chaired by Sir Anthony O'Reilly, have mounted leveraged buyouts and will be raising in the region of #2 billion in debt to fund their bids.

The interest rates that will be charged by the banks lending the money will be linked to the investment ratings attached to the company by specialist international debt rating companies.

Valentia - of which the ESOT is a member - has said that it believes Eircom will retain its current investment grade rating post its leveraged buyout.

Although the ESOT is a member of the Valentia consortium, it is obliged to consider any other proposal put to it to see if it represents a better deal for its 13,000 members who are past and present employees.

The trust has asked eIsland to clarify its statement that its offer is structured in such a way that will result in a larger payout to the ESOT's members. The details of eIsland's offer has not been disclosed but Mr O'Brien claims it will require a re-investment by the ESOT of #180 million - out of the #447 million it will receive from eIsland for its current stake - in order to retain a 29.9 per cent stake on the company going forward.