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June 10, 2008
INM hits back at O' Brien report
LONDON (SHARECAST) - Independent News and Media (INM), the Irish publisher of the UK’s Independent newspaper, has hit out at a report from Denis O’ Brien, a 25% shareholder in the company, accusing its board of lacking independence.

“The report issued today on behalf of dissident shareholder, Denis O'Brien, represents yet another deliberately misleading, malicious and wholly inaccurate assessment of Independent News & Media plc, its performance and governance,” INM said in a statement Tuesday afternoon.

The report was an update of a previous statement from Stephen Davis of Yale University’s Millstein Center for Corporate Governance alleging that the INM board needed more independent directors.

O’ Brien is currently involved in a dispute with INM chairman Anthony O’ Reilly, who has a stake of around 28%, over the direction of the firm. O’ Brien has been pushing for the sale of the Independent titles in the UK.

The continuation of their spat comes ahead of INM’s annual meeting Wednesday, which is expected to see O’ Reilly head off O’ Brien’s attempts to block certain directors’ reappointments.