Conrad Black’s Hollinger International and The Telegraph plc have announced a recommended offer to acquire all of the remaining issued ordinary shares of The Telegraph plc not at present owned by Hollinger. The offer, at 560p per share values the group at £763 million. Holllinger International already indirectly owns 64% of and therefore controls, the Telegraph.
The offer will also entitle Telegraph shareholders to a further cash payment if the Telegraph’s interest in John Fairfax Holdings in Australia is disposed of in the next two years for an amount in excess of A$3.00 per share. The offer, which has been unanimously recommended by the Independent Directors of the Telegraph, represents a premium of approximately 21% over the middle market quotation for Telegraph shares.
Hollinger International has cited that “full ownership of the Telegraph will provide more flexibility in the structuring of the Hollinger International Group.”
The Telegraph: 0171 538 5000
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
