The US Securities and Exchange Commission is unlikely to take steps to block the proposed acquisition of Hollinger Inc by the Barclay brothers (see Barclay Brothers Agree Telegraph Takeover Deal), according to reports today.
Hollinger is currently under investigation for unauthorised payments made to senior executives, including erstwhile chief executive and non-executive chairman, Conrad Black (see Black Leaves Troubled Hollinger As Predators Circle).
The Financial Times claims that while the SEC said it would “monitor” the takeover of Hollinger, it will only intervene if the new owners interfere with its inquiries or make changes to the company’s board.
The SEC has already taken out a court order to prevent Lord Black from hindering the work of Hollinger International’s special committee which is currently investigating the payments.
The Hollinger board is currently considering the Barclays’ £260 million offer for the company, whose interests include the Daily and Sunday Telegraphs.
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