INM confirms receipt of potential takeover approach

Independent News & Media (INM) has confirmed that it has received an approach for a possible takeover of the company.

The media group announced that it had received the offer from an unnamed individual or group.

IMN said that talks are still at a "preliminary stage" and that there was no certainty that an offer will be made or what the terms of such a potential bid might be.

In a statement, the company said that shareholders would be kept informed of any developments and have been advised by the Board not to take any action.

The Board made the release this morning in response to "recent press speculation" about the company's future.

The Irish Times had reported today that INM's chief executive Michael Doorly had suggested that the media group may be put up for sale.

However, he said he was not aware of the intentions of the company's two biggest shareholders, Denis O’Brien and Dermot Desmond.

Last week, IMN reported a 2.1% decrease in revenues in the year to the end of December, with the total coming to €191m.

Pre-tax profits came to €24.1m, ahead of expectations but down 15.4% on the year previous.

The company attributed a significant portion of the losses to a decline in advertising revenues which fell by 8.8%.

Circulation revenues were down 6.3% while the total advertising and publishing advertising revenues declined by 10.8%.

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