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INM says it is open to offers after Mediahuis

Michael Doorly, CEO of Independent News & Media (INM), says the company is open to competitive offers for the business of € 145.6. on Tuesday morning she offered the group an offer of a Belgian company.

The Board of Directors, including Mr. Doorly and Murdoch MacLennan, dealt with their shareholders at the Westbury Hotel in Dublin on issues from angry shareholders who criticized Tuesday's offer.

Crazy & # 39;

Agmu investors punished the board's decision to recommend 10.5 cents today for an action offer from Media Huis, which owns newspapers in Belgium and the Netherlands. The offer already has imprimatur of INM's largest shareholders, Denis O & Brien, who has nearly 30 percent, and Dermot Desmond, who owns about 15 percent.

There was applause when one investor described the offer as "buttons" because INM is profitable and has nearly 90 million euros in cash on its balance sheet, which Media Huis would effectively get a deal for just 56 million euros.

One shareholder, Colm Moore, also pointed to an unrecognized tax asset in the INM's balance sheet, which he believes could have a European buyer worth nearly EUR 100 million.

Another shareholder, Donald Pratt, said he personally held double the shares of the board, and said he was "insane" to recommend the offer effectively only twice a year.

Mr. Murdoch confirmed to shareholders that other potential bidders circulate INM, but insisted that Mediahuis's offer was the only one on the table.

“We didn't sell the company. Mediahuis made an offer, "he said. “It's the best offer we have and the timing is right. They were different [bidders] is the best solution for shareholders. "

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