€90m share buyback cuts INM war chest

INDEPENDENT News & Media’s €90 million share buyback has shaved close to 20% off the company’s €500m acquisition war chest, according to Goodbody Stockbrokers.

Goodbody analyst Philip O’Sullivan said in a note to clients that Independent News & Media’s (INM) management has in the current year hinted that it is comfortable with spending up to €500m on acquisitions.

“Since then, share buybacks costing circa €90m are likely to have cut this level by approximately 20%. However, we note that any successful resurrection of the APN take-private deal, which would release up to €400m for INM, would double this potential war chest,” said Mr O’Sullivan