Takeover Panel slam Indo board breach

THE board of Independent News & Media (INM), led by newspaper magnate Sir Tony O’Reilly, should have made an all out offer for the company in October when it breached shareholding limits, the Irish Takeover Panel (ITP) ruled yesterday.

The Irish Examiner first reported the possible breach of the ‘30% takeover rule’ on October 11 last, but INM rubbished the story. But yesterday INM admitted the company did make a mistake and noted the ITP has accepted this.

Yesterday, the Irish Takeover Panel, in an unusual move, issued a stinging criticism of the actions of the owners of the Irish Independent and Sunday Independent.