O’Brien ups INM stake to 27% but still short of mandatory takeover level

Denis O’Brien has acquired another 5% of Independent News & Media (INM) — increasing his shareholding in the company to around 27%.

Mr O’Brien was already INM’s largest individual shareholder but this strengthens his position; although the stake isn’t enough to trigger a mandatory takeover.

Mr O’Brien made the purchase of nearly 33 million INM shares at noon yesterday at a price of 34.5c per share — 24% higher than the 27.8c the stock was selling for at the time. The company’s share price jumped by more than 15% to 32c following news of the transaction.