Senior executives from Independent Newspapers of Ireland are planning to hold talks today with the management of The Independent newspaper, following Friday’s coup when Tony O’Reilly bought 24.99% of Newspaper Publishing from institutions at £3.50 per share. As the largest shareholder, the Irish group is seeking board representation and is likely to get it.
Members of the Mirror consortium are continuing talks to consider their next move; it seems likely that the terms of the offer will be improved. However, following Friday’s buy up of shares by O’Reilly, the MGN consortium will not now be able to reach the 40% holding it had anticipated.
The National Union of Journalists, representing journalists from the Independent papers, said, “The union has always argued for a broad spread of ownership rather than a takeover by an existing UK newspaper group”.
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