Valentia Telecommunications has won enough acceptances from Eircom shareholders to allow it to declare its €3 billion (£2.36 billion) bid for the former State telecoms company unconditional.

In a statement last night, the company, chaired by Sir Anthony O'Reilly, said it had received valid acceptances from investors holding 84.61 per cent of Eircom's capital after the second closing period for its offer expired. Valentia required 80 per cent to allow it declare its offer unconditional. This effectively means the company can compulsorily acquire the remaining shares. Sir Anthony said he was delighted with the outcome. "We were very confident when we extended the offer that we could reach the important 80 per cent acceptance level," he said.

"The next stage is to obtain the outstanding regulatory clearances and for the offer to become wholly unconditional".

Sir Anthony added: "We will then be able to pay accepting Eircom shareholders their money. We look forwarded to being able to do that as soon as possible." Valentia's offer exceeded a rival bid by the eIsland group, which was led by founder of Esat Telecom, Mr Denis O'Brien.