Thursday, March 20, 2008

Telecoms tycoon Denis O'Brien ups stake in INM

Telecoms tycoon Denis O'Brien has again increased his shareholding in Independent News & Media. A statement to the stock exchange said he now held 21.17% of the media company. This amounts to 167.28 million shares. Earlier this month his stake was 19.35%.
A 25 % shareholding would enable him to block certain resolutions put to shareholders.
The O'Reilly family and the board together own 28.2%.
As O’Brien has increased his shareholding the bitterness between both camps has grown in intensity.
Is a hostile takeover bid on the way?

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