INM publishes circular relating to the scheme of arrangement
Independent News & Media (INM) has published a circular relating to a proposed scheme of arrangement, a mechanism to complete a corporate transaction even if not all shareholders agree.
In INM's case this means that if holders of 75pc of shares accept the Mediahuis offer, then remaining shareholders can be forced to sell to ensure a full takeover.
Mediahuis already owns 29.9pc of INM, having bought shares from Denis O'Brien and Dermot Desmond, previously the biggest shareholders.
Shareholders will consider the proposed €145.6m acquisition of the company by Belgian-Dutch newspaper publisher Mediahuis on June 26.
The circular issued today will shortly be posted to shareholders.
The deal will require High Court approval as well as approval from the Competition and Consumer Protection Commission and the Communications Minister.