Billionaire businessman Denis O'Brien chose to stay away from an Independent News & Media extraordinary general meeting (egm) at which shareholders voted in support of its private equity-backed takeover of Australian media group APN, writes Arthur Beesley, Senior Business Correspondent.
Mr O'Brien has accumulated a 7 per cent stake in Sir Anthony O'Reilly's Independent group but has never publicly discussed his ultimate plans for the investment.
It was not clear yesterday whether he voted by proxy for the APN proposal, which was unanimously supported by the 50 per cent of shareholders who exercised their voting rights.
This brings the transaction a step closer, although the deal still depends on the outcome of an egm at APN in Australia next Friday and regulatory approval.
Independent expects to realise at least €375 million in cash from the highly-leveraged transaction in which it will simultaneously sell APN shares and buy them with support from private equity firms Providence and Carlyle.
While a partial distribution of the proceeds to shareholders is considered likely in some quarters, Independent chief operating officer Gavin O'Reilly was silent on the group's plans for the money.
"We haven't commented at all as to what the likely proceeds could be used for," he said after the egm in west Dublin.
Mr O'Reilly said nothing was ruled in or out when asked whether a special dividend was on the cards. Asked whether Independent was examining an acquisition, he said the group had taken a look at the Racing Post but was no longer in contention for that paper.
"We're always looking. I wouldn't say there's anything that's imminent that as of yet would be brought up to the board yet," he said.
"If the right acquisition were to come up - and note I use the preposition if - obviously we would like to continue to expand the group on a geographic basis as we have before," he added.
He made light of speculation that Independent might consider taking the group at large private some time after it delists APN from the Australian market.
Asked whether he could foresee any change in Independent's status as a public company, Mr O'Reilly said: "I don't foresee any change in that and why would you? You ask any broker in town and they love Independent News & Media."
Mr O'Reilly said he had had no communication with Mr O'Brien. Asked whether his father, Sir Anthony, had any communication with him, he said: "You'll have to ask him."
