Tony O’Reilly, chief executive of H J Heinz and chairman of Irish Independent Newspapers has submitted a bid for Newspaper Publishing of between 25 and 30%. The offer, worth between £29m and £30m, would make him the largest shareholder, if successful.
Tony O’Reilly commented “There is the vital issue of the perception of the independence of the newspapers. We are not looking for 40% of the paper.” This is a reference to MGN’s proposed plan to take a 40% stake. O’Reilly made it clear that he would however be prepared to consider making a full bid if this approach failed.
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