Independent News & Media Board Hits Back Hard at Denis O'Brien
Independent News & Media has issued a fiercely worded attack on its rebel shareholder Denis O'Brien, warning that his "personal antagonism" could scupper rescue talks with its lenders at a critical stage, The Guardian reported. In a combative statement issued to the London and Dublin stock markets late today in response to O'Brien's demand yesterday for a shareholder vote on INM's financial restructuring plan, the board effectively told him to put up or shut up. The board of the Irish company, which publishes the London-based Independent and Independent on Sunday, said O'Brien had failed to put forward "any credible restructuring proposal" and again invited him to do so. O'Brien, an Irish telecoms tycoon, is seeking a second extraordinary general meeting at which shareholders would be able to vote on the rescue plan, which hinges on the sale of INM's South African advertising business and the handing over of INM shares to creditors. Read more.