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IPDC - Independent News & Media News Story

€0.105 0.0  1.0%

Last Trade - 30/07/19

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £165.0m
Position in Universe th / 1821

Ireland's largest newspaper group, INM, receives takeover offer

Thu 4th April, 2019 11:21am
DUBLIN, April 4 (Reuters) - Ireland's largest newspaper
group, Independent News & Media  INME.I , said on Thursday that
it had received an approach in relation to a possible offer for
the company.
    INM, which owns Ireland's highest selling daily and Sunday
newspapers, said discussions were at a preliminary stage and
advised shareholders not to take any action as there was no
certainty that any offer will be made or what the terms may be.
    The group's shares rose 23 percent to 0.09 euros after the
statement.
    The Irish Times reported earlier on Thursday that INM Chief
Executive Officer, Michael Doorly, raised the prospect of a sale
in meetings with the Dublin investment community this week. INM
noted the recent press speculation in its statement.
    The Irish Times quoted sources as saying German media group
Axel Springer  SPRGn.DE  had taken a look at INM in the past,
while Norwegian group Schibsted  SBSTA.OL  has also been
rumoured to have an interest.
    INM, which has a market capitalisation of just over 100
million euros, has struggled with flagging profits in recent
years and is currently subject to a court-ordered investigation
into corporate governance issues.
    Ireland's High Court approved an application by the state's
corporate watchdog last September to appoint inspectors to
investigate potentially unlawful conduct at the group, including
allegations that journalists’ data might have been accessed for
an "improper purpose."  urn:newsml:reuters.com:*:nL8N1VQ4I4
    

 (Reporting by Padraic Halpin; Editing by Kirsten Donovan)
 ((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters
Messaging: padraic.halpin.thomsonreuters.com@reuters.net))
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