An Irish Times newspaper report - not available on its website - claims that Tony O'Reilly's company, Independent News & Media, has been borrowing money to fund a share buyback. The story says that the group, which owns the London-based Independent titles among its global portfolio, has spent €105m (£71m) to obtain 29m shares.
IN&M has previously anounced that it is buying back shares in advance of a November 30 deadline for the conversion of preference shares issued in New Zealand, which would result in dilution of existing stock. That has become important in the light of persistent buying of its shares by an O'Reilly business rival, and critic, Denis O'Brien.
