INM value surges to €132m on potential bid; Axel Springer understood not to be interested

Shares in Independent News & Media (INM) climbed 30% as the publisher revealed it received a potential takeover approach from an unnamed company, putting it into play at a valuation of almost €132m.

Speculation has swirled for weeks that a continental European publisher may be interested in acquiring the publisher of the Irish Independent, Sunday Independent, The Herald, and Belfast Telegraph and other regional newspaper and magazine titles.