At Independent News & Media, the endgame has kicked off. Denis O’Brien has unleashed his bid to take control of the company.
O’Brien wants to cut the O’Reillys out of any refinancing. His backdoor takeover effort may succeed if it offers more to INM’s banks and bondholders than the O’Reilly’s can muster.
The major concern for most is probably the future of the Independent and Independent On Sunday.
A new owner (surely likely if O’Brien wins) probably wouldn’t be a disaster. The papers might end up leading a more constrained existence inside INM if the O’Reillys emerge victorious. Why? Because regardless of who wins, the banks will ultimately refinance INM’s debts on swingeing terms.
Read the rest of this piece on Peter Kirwan’s Media Money blog