INM declares O'Brien a 'dissident shareholder'

3/27/2008 - 8:38:02 AM

Independent News & Media have launched an attack on shareholder Denis O’Brien this morning.

Mr O'Brien has been steadily increasing his shareholding in the company in recent months, leading to speculation that he may be preparing a hostile takeover.

A statement to the Irish Stock Exchange reads: “Having taken appropriate advice, the board of INM believes that Mr O'Brien's comments and actions regarding INM, its board, management, strategy and governance, are designed to destabilise the company and run counter to the principles of a fair and orderly market for INM's shareholders.

“Consequently, the board is now formally declaring Mr O'Brien a “dissident shareholder”, who consistently voices disagreement with the company's strategy while continuing to buy shares and who is not acting in the best interests of all stakeholders.

“The company will be responding to, and interacting with, Mr O'Brien on that basis henceforth.

The statement follows closely the release of 2007 figures for the company, which showed a growth in revenues for the media company.

“To date, INM has chosen not to publicly respond to Mr O'Brien's attacks, focusing instead on its strategic priority of building and maintaining the company's reputation as one of the world's leading media groups,” the statement continued.

“The announcement earlier today of record results by INM further underpins that reputation.”