Hollinger International, the holding company of Hollinger Inc, has rejected an approach by the Barclay Brothers, which would have valued the company at $1.4 billion.
It is believed to have rejected the deal because the 20% premium it offered was not high enough.
The brothers have already agreed a $400 million deal with Conrad Black to acquire Hollinger Inc, which houses the newspaper arm, including the Daily Telegraph, and has a controlling share in Hollinger International.
But the board of Hollinger International is attempting to scupper the sale and has already filed suit to block Black from selling his 73% stake in Hollinger Inc to the brothers.
Hollinger International is keen to proceed with an auction of the company’s assets, which include the Chicago Sun-Times and The Jerusalem Post.
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