Yet more of Independent News and Media has been bought up by Irish media magnate Denis O’Brien, taking his percentage share of the company to 22.15 per cent.
If his stake reaches 30 per cent, O’Brien will be compelled by Irish Takeover Panel rules to make an offer for the entire company, which owns the Independent, Independent on Sunday and Irish Independent.
Since O’Brien’s stake has increased, INM’s share price has risen almost 10 per cent to £1.36 in Dublin. In London share price growth was slower at of 3.1 per cent
‘This is more of a relief bounce rather than having anything to do with O’Brien,’The Guardian quotes one Dublin based trader as saying.