Independent in talks on APN takeover

Independent News and Media (INM) has confirmed that it has approached the board of Australian firm APN News and Media regarding a possible buy-out of its entire share capital.

If concluded, INM intends to reinvest a significant part of its likely proceeds so that it retains, indirectly, a 40% interest in APN on completion.

The balance of the cash to be received by INM as a result will be applied towards the acceleration of the group’s expansion in its global markets.

It is envisaged that INM will manage and run APN, which will no longer be a subsidiary of INM but will be accounted for as an associate company.