Takeovers Panel confirms it is looking into Jim Grenon’s push to remove NZME board

The Takeovers Panel is investigating whether NZME shareholders are acting in concert to remove the media company’s board.

The panel’s chief executive, Andrew Hudson, said the matter was under active consideration and made no further comment.

Expatriate Canadian businessman Jim Grenon has put forward a proposal to replace NZME’s board and nominated himself and three others to join the board at the New Zealand Exchange-listed (NZX) company’s annual meeting in April.

Separately, another shareholder, Osmium Partners, has nominated two director nominees.

Under takeover regulations, the panel can proactively investigate issues that may breach the rules governing changes of control of listed companies.

Grenon has been approached for comment.

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