The 25% threshold allows O'Brien to block certain resolutions put to INM shareholders. The next key step is 29.9%. Once a shareholder reaches this point, a bid must be made for the company.
In recent months, O'Brien has been consolidating his position as the second-biggest shareholder in the Ireland-based publisher. Chief executive Anthony O'Reilly remains the company's biggest shareholder with a 28% holding.
O'Brien, who wants INM's loss-making UK newspaper The Independent to be sold off, has been engaged in a bitter war of words with O'Reilly in recent months.
In June, O'Brien published a report criticising O'Reilly's corporate governance.
O'Brien was subsequently labelled a "dissident shareholder" by the media group's board.
National Press
Tristan O'Carroll, Media Week, 29 October 2008, 4:15pm
O'Brien secures blocking stake in INM
LONDON - Rebel Independent News & Media shareholder Denis O'Brien has raised his stake in the company to above 26% - past the 25% threshold that hands him a major say in the running of the company.
Independent News & Media: O'Brien secures crucial shareholding
All Comments
There are currently no comments.
To post comments please log in here
- Media Sales Executive, ProgrammeMaster
- £18k, Central London
- Senior Digital Sales Executive - Leading Consumer website, SW6 Associates
- £25k - £29k p.a + commission, Central London
- Rich Media Senior Account Manager / Account Director, Xchangeteam
- GBP45000-GBP60000, East London
- Senior Sales Executive -leading media business, Media IQ Recruitment
- 26000 + comm
News By Email
You can sign up for our bulletins. Select bulletins you are interested in, enter your email adress an click the button below
Be the first to comment