Lord Conrad Black has revealed that a mystery bidder has come forward for the Telegraph titles as he attempts to derail the Barclay brothers £665 million deal to take control of the broadsheet newspaper.
The disgraced media tycoon claims to have been approached last month by an unnamed investment management firm, which was interested in bidding for all of Hollinger International and not just the Telegraph group.
The Barclay brothers £665 million bid is just for the Telegraph Group and not the other assets of the beleaguered Hollinger International, which also include the Chicago Sun-Times and The Jerusalem Post.
According to documents filed by Lord Black with the US regulator, the Securities & Exchange Commission, the media mogul held some preliminary discussion over the sale of a ‘substantial’ equity stake in Hollinger to the US investment firm.
However, it is understood that the talks did not progress to a formal offer before the Barclay brothers were able to win the auction for the Daily Telegraph and its sister titles earlier this week.
The Times claims that a source close to Lord Black said the mystery bid should be considered by the company. “This deal would be an offer for the whole of Hollinger International, not just the Telegraph. This could be a more attractive bid. It is on the table.”
Advisers to Hollinger International are believed to be sceptical of Lord Black’s discovery of a last minute bidder. One said: “Even his own filing says that no specific proposal has been made, so what is he on about?”
Lord Black is hoping that the revelation will help him in his effort to challenge the sale of the newspaper in the Delaware court. He is attempting to derail the deal by asking a US judge to order a shareholder vote, which would effectively give him power of veto over the transaction.
Meanwhile, Aidan Barclay, son of Sir David, looks set to become chairman of the Telegraph Group following the completion of the multi-million deal to take control of the UK’s best selling broadsheet newspaper (see NewsLine).
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