A final deal for the Telegraph Group is imminent following bids yesterday from Barclays and private equity group 3i.
US investment bank Lazard, which is handling the sale for Hollinger International, is expected to contact interested parties today in an attempt to ratchet up the price of the Daily and Sunday Telegraph and the Spectator magazine.
Two of the remaining three bidders, the Barclay brothers and 3i, completed due diligence over the weekend and price is understood to be in the range of £650-£700 million
The third bidder, Daily Mail & General Trust (DMGT), is said to be in disarray as it had not finalised the terms of a joint bid with private equity firm CVC. An offer for the Telegraph Group would mark a departure for CVC. DMGT was still in negotiations last night, leaving the bidding incomplete.
Last Friday, it was reported that DMGT had taken the lead in the race to seize control of the Telegraph titles with a seemingly unbeatable cash bid approaching £700 million.
(see Lord Rothermere Tables £700 Million Bid For Telegraph Titles)
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