Murdoch ends INL buy-up

Press, 20 February 1987, Page 10

Murdoch ends INL buy-up

PA Wellington Rupert Murdoch’s News, Ltd, completed its purchase of Independent Newspapers, Ltd, shares on Wednesday — and it became apparent that other buyers were actively buying stock at

similar prices. Large numbers of INL shares have been trading recently — and on Wednesday INL topped both the volume and value of shares traded. •The shares have gone strongly against the market trend, beginning the year at 400 c, and selling up to 535 c on Wednesday. Much of this movement has coincided with heightened speculation and takeover activity for media stocks in Australia. INL’s chairman, Mr Alan Burnet, said that he had advised News, Ltd,

this week to stop buying shares “at just under the 40 per cent mark,” and this bad been agreed. Mr Burnet said he had been subsequently advised that News, Ltd, had stopped buying “at an edge under 40 per cent”.

Mr Murdoch was given Commerce Commission approval in May last year to increase his then 22 per cent holding to 40 per cent. Mr Burnet said then that INL had supported the Murdoch buying interest to the Commerce Commission because the company had seen active buying from another party who refused to give his identity. He agreed then that the Murdoch move could be seen as defensive, as INL had no other major shareholder.