BELGIAN-DUTCH MEDIA COMPANY Mediahuis has made an offer to buy Independent News & Media (INM) for €145.6 million.
“Mediahuis NV and Independent News & Media PLC are pleased to announce that they have reached agreement on the terms of a cash offer by Mediahuis, unanimously recommended by the board of INM, pursuant to which Mediahuis will acquire the entire issued and to be issued share capital of INM,” a statement issued this morning said.
The offer has been unanimously recommended by the board of INM. Shortly after the offer was announced this morning, INM’s largest shareholders Denis O’Brien and Dermot Desmond committed to selling their shares, confirming the takeover.
Denis O’Brien holds a 29.88% stake in INM, and Dermot Desmond owns 15% of the company.
Independent News and Media publishes the Irish Independent, the Sunday Independent, the Sunday World, The Herald, the Belfast Telegraph and other regional newspapers.
Commenting on the Acquisition, Gert Ysebaert, CEO of Mediahuis, said: “As a private European media group with a strong portfolio of news media and digital brands, Mediahuis is optimally positioned to facilitate the continued development of INM as a leading Irish media company.
Underpinned by our unreserved belief in independent and quality journalism, we are optimistic about the combination of Mediahuis and INM and its potential contribution to the Irish media landscape.
Murdoch MacLennan, chairman of INM said: “We are pleased to be announcing this transaction today and believe it represents an excellent outcome for both the company and its shareholders.”
INM employs approximately 800 people and achieved revenues of €191 million in 2018.
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