Billionaire Denis O'Brien has increased his holding in Independent News & Media (IN&M) to over 20 per cent.
Mr O'Brien said he has today informed the company that he holds 159,342,033 ordinary shares of €0.30, which represents 20.1643 per cent of the number of voting shares.
Mr O'Brien is believed to be building his stake towards 29.9 per cent - after which he would have to mount an outright bid for IN&M.
Mr O'Brien has repeatedly attacked the stewardship of IN&M by its chief executive and largest shareholder, Sir Anthony O'Reilly, and is presumed to be engaged in a long-term plan to mount a bid for the business.
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The company has rejected his criticisms.