Mediahuis NV agreed to acquire the remaining 70.09% stake in Independent News & Media PLC (ISE:IPDC) (INM) for approximately €100 million on April 30, 2019. Under the terms of the transaction, INM Shareholders will be entitled to receive for each INM Ordinary Share 10.5 cent in cash. In consideration of these payments, INM Ordinary Shares will be cancelled and INM will issue new INM Ordinary Shares to Mediahuis. The consideration payable under the terms of the acquisition will be funded from a facility provided to Mediahuis by ING Belgium SA/NV. Mediahuis as borrower entered into a facilities agreement dated April 30, 2019 (the “bridge facility agreement”) under which, amongst other facilities, a term loan facility of up to €150 million is to be made available to Mediahuis for the purpose, amongst other things, of funding the consideration payable by it in respect of the acquisition, certain transaction costs relating to the acquisition and the acquisition of INM ordinary shares other than pursuant to the acquisition (the “bridge facility”). Mediahuis as borrower, Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, ING Belgium SA/NV and KBC Bank NV as original lenders, ING Bank N.V. as coordinator and KBC Bank NV as agent have entered into a facilities agreement originally dated June 22, 2017 as amended and restated pursuant to an amendment and restatement agreement dated May 28, 2019 (the "facility agreement") under which, amongst other facilities, a term loan facility of up to €150 million is to be made available to Mediahuis for the purpose, amongst other things, of financing the consideration payable by it in respect of the acquisition, certain transaction costs relating to the acquisition and the acquisition of INM ordinary shares other than pursuant to the acquisition (through the refinancing of the bridge facility) (the "acquisition facility"). The facility agreement replaces the bridge facility agreement and the acquisition facility replaces the bridge facility. An application will be made to the London Stock Exchange and Euronext Dublin prior to the effective date to cancel the admission of the INM ordinary shares to trading on the main market and the Euronext Dublin Market respectively and to the UK Financial Conduct Authority (FCA) to cancel the listing of INM ordinary shares on the FCA's official list with effect from shortly after the effective date, subject to and following the scheme becoming effective. Following the effective Date, it is intended that INM will be re-registered as a private company limited by shares. Because of these arrangements, INM will become a wholly owned subsidiary of Mediahuis NV. As of July 31, 2019, Michael Doorly has resigned as Chief Executive Officer of Independent News & Media, Mr Doorly, who was appointed CEO in October 2017 and previously held a number of senior roles within the Company, has also resigned from Independent News & Media board. Murdoch MacLennan has agreed to remain as Chairman of Independent News & Media board of directors. Fionnuala Duggan, Kate Marsh and Len O'Hagan have agreed to remain on Independent News & Media board of directors. New appointments to Independent News & Media board of directors are Thomas Leysen, Chairman of Mediahuis, Gert Ysebaert, group CEO of Mediahuis, Paul Verwilt, Chief Operating Officer of Mediahuis and, Marc Vangeel, incoming CEO of Independent News & Media. Catriona Mullane, John Bateson, Kieran Mulvey and Seamus Taaffe have resigned as directors of Independent News & Media. Mediahuis looks forward to working with INM's employees, customers and other stakeholders following the completion of the acquisition. The transaction is subject to the approval by majority of INM shareholders representing at least three-fourths (75%) in value of the INM ordinary shares, approval by High Court of Ireland, receipt of antitrust approval, receipt of required regulatory and other necessary approvals. The transaction will also require the approval of Minister for Communications Richard Bruton. The acquisition has the unanimous approval and support of the Mediahuis Board and senior executive team. Mediahuis has received irrevocable undertakings from each of the INM Directors to vote in favour of the Scheme at the scheme meeting and each of the EGM resolutions to be proposed at the Extraordinary General Meeting in respect of their own beneficial holdings of, in aggregate, 0.28 million INM ordinary shares. In addition, Mediahuis has received irrevocable undertakings to vote in favour of the scheme at the scheme meeting and each of the EGM Resolutions to be proposed at the Extraordinary General Meeting from the INM Shareholders including Denis O’Brien and Dermot Desmond. As of June 10, 2019, the transaction is unconditionally approved by Competition and Consumer Protection Commission. As on June 26, 2019, the transaction was approved by the shareholders of Independent News & Media. As of July 29, 2019, the transaction was approved by the Minister for Communications, Climate Action and Environment. The scheme meeting and the Extraordinary General Meeting of INM shareholders for the approval of the transaction are scheduled to be held on June 26, 2019. It is anticipated that the scheme will be declared effective in the third quarter of 2019. As on June 30, 2019, High Court of Ireland approved the transaction. Transaction is expected to close by July 31, 2019. Nicholas Shott and Philippe Noël of Lazard & Co., Limited acted as financial advisor while Padraic Roche and Tim Scanlon of Matheson acted as legal advisor to Independent News & Media PLC. Dwayne Lysaght, Gian Piero Sammartano and Alec Pratt of J.P. Morgan Securities Plc acted as financial advisor while Cian McCourt of Arthur Cox & Co. acted as legal advisor to Mediahuis NV. Mediahuis NV completed the acquisition of remaining 70.09% stake in Independent News & Media PLC (ISE:IPDC) (INM) on July 31, 2019.