Independent News & Media (IN&M) chief Sir Anthony O'Reilly has returned to the market for shares in the company just days after its annual general meeting.
In a statement today Mr O'Reilly said he had purchased an additional 3,250,000 shares on Friday last to bring his shareholding in the company to 28 per cent. INM shares closed at €1.92 on Friday.
Denis O'Brien has a 25.04 per cent stake in the business. Having held just 3 per cent of the company at the start of 2007, Mr O'Brien is assumed to be preparing a bid for the publisher although he has yet to make public his intentions.
The firm has dismissed his criticisms of its board, governance and strategy and branded him a "dissident" investor.
At 2.45pm INM shares were trading down 1.7 per cent at €1.88.