INM sets date for High Court to seek approval for Mediahuis deal

€145.6m takeover has already been backed by shareholders

The takeover of INM requires High Court approval. Photograph: Dara Mac Dónaill

The takeover of INM requires High Court approval. Photograph: Dara Mac Dónaill

 

Independent News & Media has confirmed that it will go to the High Court on July 30th to seek approval for the proposed €145.6 million takeover of the business by Belgian group Mediahuis.

The deal, which was overwhelmingly backed by shareholders in June and has been passed by competition regulators, still requires the approval of the Minister for Communications, Richard Bruton.

Mediahuis publishes 14 daily news titles in Belgium and the Netherlands and is involved in broadcasting a number of Dutch and French language TV and radio stations. The group already holds a 29.9 per cent stake in INM.

Investigation

INM is currently subject to an investigation by two High Court inspectors on foot of an inquiry by the Office of the Director of Corporate Enforcement into alleged data breaches.

INM, which is led by chief executive Michael Doorly, is Ireland largest publisher of newspapers, with titles including the Sunday Independent, the Herald, the Sunday World and the Belfast Telegraph.