The Independent may become a private company if MGN’s takeover bid is successful. Shareholder documents have revealed that the consortium bidding for Newspaper Publishing, led by MGN, plans to hold an extraordinary general meeting on winning control of the newspaper, at which it will seek permission to register the company as a private one.
The documents suggest there will be no board representation for Tony O’Reilly. However, he holds a 29.9% stake and could make it difficult for the consortium to carry out many of its planned changes.
A decision is expected early next week as to whether the takeover bid is to be referred to the Monopolies and Mergers Commission.
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