Independent News & Media’s COO Gavin O’Reilly is in Australia for a board meeting to decide on issues related to the company’s proposed exit from the APN share register. APN is the owner of the Australian Radio Network.

The non-aligned deputy chairman Ted Harris is likely to lead a board sub committee to work through the implications for share holders of an INM sale of its 39% stake in the company. Harris also led the board sub committee which previously considered a full takeover offer from INM.

In The Australian newspaper, Nick Tabakoff speculates that “INM’s preferred option for maximising the price is to attract a buyer willing to buy its entire stake, as part of a full takeover bid for APN.”

APN shares are currently trading at around $3.08, and a further stock exchange update is expected to be issued on the ASX tomorrow.

Meanwhile APN ceo Brendan Hopkins has now resigned from the INM board to focus on guiding APN in the best interests of its shareholders (see our earlier story). Hopkins recently renewed his contract at APN and, if he was not kept on by any new owner, he would be owed a big payout. A spokesperson for Hopkins is quoted in The Australian denying that he had any previous knowledge of the intended sell out by INM.