UPDATE 1-Independent News slams O'Brien EGM bid, row simmers

* Criticises EGM request from shareholder O'Brien

* Latest in tit-for-tat duel of shareholder and management

(Adds quotes, background)

DUBLIN, Sept 15 (Reuters) - Independent News & Media (INME.I)on Tuesday criticised a request by major shareholder Denis O'Brien for an investor meeting over refinancing plans, in the latest damaging tit-for-tat attack between the two sides.

The heavily indebted media group has been trying to refinance a 200-million-euro issue that was meant to be paid in May, and there has been speculation that bondholders will receive a substantial equity stake to secure the Dublin-based company's financial future.

Telecoms billionaire O'Brien, the group's second biggest shareholder after the family of Chief Executive Gavin O'Reilly, said on Monday the planned deal with creditors would dilute equity interests and he asked for a shareholder vote. [ID:nN14468175]

Independent News said O'Brien's actions damaged the group's prospects and threatened its ability to find a solution to its financing problems.

"His apparent personal antagonism towards the Board and management and his very public campaign in that regard only serves to damage the trading prospects, staff morale and reputation of INM," the company said in a statement.

"(It) ultimately destroys value in the group and hinders a consensual refinancing solution, outside a court administered process, being achieved," it added.

(Reporting by Andras Gergely; Editing by David Cowell)