Belfast Telegraph

Date set for Irish court hearing on INM takeover

Independent House, Talbot Street. Dublin
Independent House, Talbot Street. Dublin

By Ellie Donnelly

The date for a court hearing on the proposed €145.6m (£129.5m) takeover of Belfast Telegraph owner Independent News & Media (INM) by Belgium-headquartered Mediahuis has been confirmed by the publishing group.

The hearing, where the sanction of the Republic's High Court for an intended scheme of arrangement to effect the deal will be sought, has been set for July 30.

The scheme is a mechanism to complete a corporate transaction even if not all shareholders agree. In this case, shareholders approved the sale at an extraordinary general meeting on June 26.

It is one of two remaining hurdles that must be cleared before the takeover can be completed. The acquisition also remains subject of the approval of Richard Bruton as Irish Minister for Communications, Climate Action and Environment.

Last month the deal was approved unconditionally by the Competition and Consumer Protection Commission (CCPC).

Mediahuis announced its bid to buy INM at the end of April and the sale is expected to close in the second half of this year. The INM board unanimously recommended the offer.

INM also publishes the Irish Independent, Sunday Independent, Sunday World and The Herald, as well as being Ireland's biggest publisher of regional newspapers.

Belfast Telegraph