Lord Conrad Black, former chief executive of Hollinger Inc, has told the company’s board that he plans to turn the Toronto-listed company private.
According to a report by the
Guardian, Lord Black said last night, he had broken the news of the $40 million funding proposal he received from the Black family’s investment vehicle, Ravelston, to the Hollinger board.
Lord Black, who remains the majority shareholder in the group, said: “We are interested in pursuing a transaction that will benefit all minority shareholders of Hollinger Inc and are committed to doing so. We believe that taking Hollinger private is the best way to proceed.”
In 2003, Lord Black stepped down from his position of chief executive at Hollinger, following financial difficulties, as well as investigations from the Securities & Exchange Commission about misfiled statements over executive pay (see US Wireless Communications Spending To Grow 8.5% In 2002, Says TIA).
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