FR have already failed to take over EI - the state will not sell its stake which means it cannot get to the compulsory level required. They're also barred from another bid for a significant enough period now under (Irish) Takeover Panel rules.
They will be back once the period ends, they could improve their offer towards the Irish Government, who couls use the money for a start (less austrity for the people of Ireland), if not then they can buy up all the other stock and then EI (75% owned by FR) can agree to "sell" all their assets to FR and wind itself up, then FR can set up a "new" EI (100% owned by FR) and do whatever it wants with it
Also did the EU state the Irish Government had to sell state assets as part of the bailout?