The big question is: who will the other shareholders support?

IT’S war – the phoney peace has ended – Denis O’Brien has the O’Reillys in his sights and this time there will be blood on the floor.

In a dawn raid yesterday, Independent News & Media’s (INM) second largest shareholder Denis O’Brien (209,898,972 shares – 25%) ended the détente which had survived for almost six months by outlining eight highly controversial resolutions he wants shareholders to vote on at a specially convened emergency meeting.

O’Brien held nothing back; this time it appears to be personal too. Ostensibly his main target is INM chairman Brian Hillery, holder of 50,419 INM shares – 0.01%, who he wants shareholders to fire. Mr Hillery is a big target; he is on the board of the Central Bank.