INDEPENDENT Newspapers has acquired 7.4 million shares of New Zealand newspaper group Wilson & Horton on the stock market, equivalent to 7.6 per cent of the total shares. Independent - through its IPCL takeover vehicle - bought the shares at the NZ$ 11 per share it has offered for the outstanding W&H shares.

Independent already holds 22.6 per cent of W&H shares with the O'Reilly family trust also having a 22.6 per cent stake. Given that Independent and the trust already have over 45 per cent and are accepting the IPCL offer, the recent buying of W&H shares brings Independent's effective stake to over 50 per cent.

It is understood that about 80 per cent of the acceptances have been for the IPCL offer rather than through the "stand in the market", as those who opt for the former offer have the option to take the preference share alternative. As well as a cash offer of NZ$ 11 per share, IPCL has offered a preference share alternative which could ultimately convert into Independent shares equivalent to 14 per cent of the enlarged share capital.