Mystery INL buyer

By GEOFF SENESCALL

A mystery buyer swooped on publisher Independent Newspapers' shares last night through a stand in the market for 20 million at 425c each.

Broker JB Were and Son started approaching institutional shareholders in Wellington-based INL after the market closed at 3.30 pm.

The offer compares with a closing price of 360c and the 20 million shares sought equate to just over 5 per cent of INL.

The move on to the INL register follows the recent acquisitions of shares in the company by Craig Heatley and the Todd family through JB Were, who both took around 5 per cent shareholdings in INL last October.

This latest bid values INL at $1.65 billion, some $650 million more than what it was when Mr Heatley and the Todds bought in.

Neither the Todds nor Mr Heatley, an Auckland businessman and co-founder of Sky TV, could be contacted last night.

Speculation among brokers last night, however, was that the buyer was a new shareholder. If the 20 million target is reached then the buyer will be a substantial security holder and will have to disclose its identity.