Denis O’Brien ups stake in Independent News & Media to 29.9pc
BUSINESSMAN Denis O'Brien has upped his stake in Independent News & Media to 29.9pc - a level just short of triggering a mandatory bid for the company.
Mr O'Brien confirmed the purchase of 10.6m shares today.
The latest move puts Mr O'Brien just short of the 30pc necessary to trigger a bid for the media group.
He had already increased his stake in the company to 27.95pc in an earlier share purchase this week.
He is the largest shareholder in INM.
Mr O'Brien paid 31c per share in the latest transaction.
Institutional investor Investec also confirmed today that it sold the 5pc stake in INM purchased by Mr O'Brien yesterday.
Shares in INM fell today having gained 16pc yesterday.