The board Independent News and Media (INM) has reportedly agreed a sale to Belgian newspaper group Mediahuis.
Subject to approval, the deal which will include INM titles such as the Irish Independent, Independent.ie, 'Sunday Independent', 'Sunday World', 'The Herald', 'Belfast Telegraph' and several regional newspapers is believed to be worth €145.6 million.
The INM board has unanimously recommended the offer, which is conditional on acceptance by shareholders, reports Independent.ie
"We are pleased to be announcing this transaction today and believe it represents an excellent outcome for both the company and its shareholders,” Murdoch MacLennan, chairman of INM said.
“The offer from Mediahuis represents a compelling opportunity for shareholders to realise cash for their shareholding in INM, at a price which fairly reflects the company's performance and standalone prospects.”
Mediahuis is a private European media group with a portfolio of news media and digital brands and newspaper titles, including De Telegraaf and NRC Handelsblad in the Netherlands and De Standaard and Het Nieuwsblad in Belgium.
Gert Ysebaert, CEO of Mediahuis, said: “We believe that there is a clear rationale for the acquisition and that INM will thrive under Mediahuis' ownership.”
Expression of Interest
Ireland's largest newspaper group, first announced on Thursday the 4 April that it had received an approach in relation to a possible offer for the company.
At the time, INM said that 'discussions were at a preliminary stage and advised shareholders not to take any action as there was no certainty that any offer will be made or what the terms may be.'
The group's shares rose 23% to €0.09 euros after the statement.
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