for Ireland's second-largest phone operator Esat Telecom Plc.

A report in the Irish version of The Sunday Times quoted sources close to Esat saying that its CEO Denis O'Brien was prepared to sell his stake but not for less than $50 a share -- which would mean a $1 billion price-tag. The shares closed last week's trading at $40.75 in New York.

A spokesman for Esat was not available yesterday because of the public holiday in Dublin. Sunday's report quoted sources in the telecommunications industry saying that Global Crossing was among several companies looking to acquire Esat. It also said Global Crossing was in the running to win a contract to lay high-capacity cables under the Irish Sea as well as building or buying a Europe-wide network and branching into the retail phone business.

Media inquiries to Global Crossing's Bermuda-headquarters were forwarded to the LA office but calls were not returned by Press time last night. The report said the Esat takeover would be a record in Irish corporate history and come on the tail of May's 535 million Irish pound purchase of Ireland's largest cable operator Cablelink by US telecommunications firm NTL.

NTL could also be a likely suitor for Esat despite its court battle recently over the Cablelink sale, the industry sources suggested.