Ireland's largest newspaper group, Independent News & Media, said on Tuesday it had agreed to a takeover offer by European media group Mediahuis which valued the company at 145.6 million euros.
INM, which owns Ireland's highest selling daily and Sunday newspapers, said the offer of 10.5 cents per share, was unanimously recommended by its board.
The offer represents a 44% premium to its share price before INM announced it was in takeover talks on April 4.
The group's largest shareholders, Denis o'Brien with 29.88% of the share capital, and Dermot Desmond with 15 percent, have provided irrevocable undertakings to support the offer.
"We are pleased to be announcing this transaction today and believe it represents an excellent outcome for both the company and its shareholders," the company said in a statement.
Thomas Leysen, Chairman of Mediahuis, owns 1% of INM's share capital.
Founded in 2013, Mediahuis is a private European media group with a portfolio of news media and digital brands.
It has grown rapidly through acquisitions to become a leading media player in both Belgium and the Netherlands and currently employs more than 3,200 people.
Its Dutch brands include De Telegraaf, NRC Handelsblad, NRC Next, De Limburger and Noordhollands Dagblad, and the company sells almost 900,000 newspapers daily in the country.
In Belgium, the company sells about 500,000 newspapers a day with news brands such as De Standaard, Het Nieuwsblad, Gazet van Antwerpen and Het Belang van Limburg. (Reuters)