If the reports are correct, the 3i Group-backed bid from former Mirror Group chief executive Montgomery will be the third major bidder to drop out of the process. The Daily Mail & General Trust and Guardian Media Group are each reported to have been unwilling to match SMG’s valuation of the publishing business and so fell out of the running (see
Major Publishers Withdraw From SMG Auction).
A number of groups are still in the auction process for the business, from which SMG is hoping to realise around £200 million, although analysts think that this is somewhat optimistic given the market conditions (see Publishing Giants To Compete For SMG Titles).
The division, which went up for sale a month ago (see SMG To Sell Publishing And Online Business), includes the Herald group of titles and eleven business to business and specialist consumer magazines.
