Candover is thought to have submitted one of the lowest first-round bids for the Telegraph Group, which owns the Daily and Sunday Telegraph as well as The Spectator magazine. It is thought that the offer made was less than £600m.
Bids are now understood to have reached as high as £700m and while Candover are said to be still interested, sources quoted by Reuters say the group has been excluded from meetings between management and bidders for the Daily Telegraph.
Meanwhile, the Telegraph management headed by former managing director Jeremy Deedes, are to meet the remaining bidders over the next few days in a crucial phase of second-round bids. Axel Springer will be first through the door today and it is expected that the meeting will be held in the Mayfair offices of Lazard, Hollinger's advisor.
Axel Springer is understood to have submitted an offer for the Telegraph along with Haim Saban, the media entrepreneur, who is reported to also be interested in the Jerusalem Post, which Hollinger owns.
The other five bidders are the Barclay brothers, publishers of the Scotsman; Lord Rothermere's Daily Mail & General Trust, which is bidding with venture capital group Cinven; and three financial buyers Apax Partners, 31 and KKR.
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