Journalists at the Independent yesterday called for a full Monopolies and Mergers Commission investigation into the bid by the Mirror Group Newspapers Consortium. Journalists issued a formal statement to the Department of Trade and Industry, accusing the founders of the Independent of abandoning the paper’s principles.
The statement read, “If ever a takeover bid called for the impartial, public scrutiny of the Monopolies and Mergers Commission this one does.” The journalists argue that if the takeover situation really is urgent, which would exclude the necessity for an MMC investigation, then leading shareholders should try to reach an agreement on working together.
The directors of Newspaper Publishing are expected to recommend the MGN bid, but are said to be awaiting an improved cash alternative.
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