INM sets out timetable for sale process
Independent News & Media (INM) has begun circulating details to shareholders of the process for a proposed sale of the business to Belgo-Dutch group Mediahuis.
The €145.6m sale of the Irish media group - which publishes titles including the Irish Independent - is to be executed through a scheme of arrangement, a legal mechanism to complete the deal if holders of 75pc of shares accept the Mediahuis offer.
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The Mediahuis offer has been recommended by the INM board. If it is accepted INM will be delisted from the stock exchange and become a private company.
The scheme requires approval at a so-called scheme meeting and further acceptance by shareholders of other enabling measures at an extraordinary general meeting (EGM) to be held immediately afterwards. The meetings will take place at the Carlton Dublin Airport Hotel on June 26, starting at 10.30am.
Mediahuis already owns 29.91pc of INM, making it the biggest single shareholder in the group. Both Denis O'Brien and Dermot Desmond, previously the biggest shareholders, committed to sell their stakes immediately after the offer was announced.
The scheme of arrangement will also require High Court approval - which will be sought after regulatory clearance from the Competition and Consumer Protection Commission and the Communications Minister - expected to be in the third quarter of 2019.