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INM to hold EGM on proposed sale on June 26

Independent News and Media sets June 26 date for EGM
Independent News and Media sets June 26 date for EGM

Independent News and Media is to hold an extraordinary general meeting on its proposed sale on June 26 in Dublin. 

Last month the news group said it had accepted a €145.6m takeover bid from Dutch-Belgian company Mediahuis. 

The takeover already has the backing of INM's two biggest shareholders, businessmen Denis O'Brien and Dermot Desmond.

Under the terms of the deal, INM shareholders will receive 10.5 cent in cash for each INM ordinary share. 

It also represents a premium of about 44% to INM's closing price of 7.28 cent on April 3, the last business day before the deal was announced.