31st Jul 2019 13:03
(Alliance News) - Independent News & Media PLC on Wednesday said its takeover by Mediahuis NV became effective.
As a result, the Irish newspaper publisher expects shares to be suspended from trading on London's AIM on Wednesday and to be cancelled on Thursday.
In a separate statement, Mediahuis NV said it has made a number of changes to the Independent News & Media board and Executive Committee, effective immediately.
Independent News & Media Chief Executive Officer Michael Doorly has resigned, having been in the role since October 2017. He was succeeded by Marc Vangeel, former CEO of Belgian media firm Telegraaf Media Groep.
Independent News & Media's Managing Director of Publishing for Ireland Richard McClean has been promoted to the role of chief operations officer, Mediahuis said. McClean has overseen Independent News & Media's commercial and editorial teams since March last year and was responsible for the company's Northern Irish titles and digital products.
Peter Vandermeersch, former editor-in-chief and director of the Dutch news media firm NRC Media, has been appointed publisher. In this role, Vandermeersch will be responsible for the long-term strategy of Independent News & Media's news titles.
"On behalf of the board of directors of Independent News & Media, I am pleased that this acquisition has now completed, that shareholders will realise cash for their shareholding and that the business can look forward to an exciting future under new ownership as part of a leading European media group," said Independent News & Media Chair Murdoch MacLennan.
He added: "It is a privilege to remain on as chair and oversee the integration of Independent News & Media into Mediahuis, as part of which I am confident the company's operational and digital capabilities will be significantly enhanced."