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THE BATTLE between Independent News Media (INM) and rebel shareholder Denis O’Brien is set to escalate again as the firm nears a deal with banks and bondholders to settle an overdue €200 million bond.

INM’s board is understood to be preparing to refuse to put to a vote three of the eight motions sought by Mr O’Brien at an extraordinary general meeting he has called. The board is also expected to postpone another of Mr O’Brien’s resolutions.