O’Brien launches plan for INM takeover

DENIS O’BRIEN has effectively launched a bid for outright control of Independent News & Media (INM).

The telecoms and media entrepreneur — INM’s second largest individual shareholder with a 26% stake — yesterday issued his own restructuring proposal for the group to INM’s eight-strong banking syndicate.

It came on the same day that the INM board formally confirmed media speculation that it was itself close to reaching an agreement over the refinancing of its overdue €200 million bond.