30th Apr 2019 11:45
LONDON (Alliance News) - Mediahuis NV is to buy shares directly from major Independent News & Media PLC shareholders, amid a bid for the entire company.
Mediahuis will buy 26% of INM from shareholders Denis O'Brien and Dermot Desmond for 10.5 euro cents a share. Shares were 1.8% lower Tuesday at EUR0.097.
The two now own 19% of INM following the deal, meaning Belgium's Mediahuis continues to have acceptances from 45% of INM's shares, including its own stake.
O'Brien and Desmond had owned 45% of INM before Mediahuis' direct purchase and had accepted the deal.
Earlier Tuesday, Mediahuis announced a EUR145.6 million deal for INM, which publishes the Irish Times amongst other titles. The offer for the entire firm was made at 10.5 euro cents.