IPCL, the vehicle for Independent Newspapers' takeover bid for the New Zealand media group Wilson and Horton, has acquired 15 per cent of the outstanding shares. Given that Independent and the O'Reilly family interests already have 45 per cent of W&H, this gives Independent effective control of 60 per cent of the shares.

According to IPCL's chairman, Mr Michael Walls, three-quarters of the acceptances so far have opted for the exchangeable preference shares, which ultimately convert into Independent ordinary shares.

These exchangeable shares are being allotted on a first-come first-served basis, and so far 15.25 million of the 40 million preference shares available have been allotted.

The New Zealand Stock Exchange has given permission for the IPCL exchangeable preference shares to be listed on the local stock market and the listing is likely to begin shortly after the IPCL offer for W&H closes on November 8th.