Daily Mail & General Trust to go alone with Telegraph bid

LONDON - Daily Mail & General Trust could go make its own bid for the Telegraph Group after the relationship with its equity partner broke up.

Daily Mail & General Trust to go alone with Telegraph bid

According to reports, DMGT has decided to go it alone after its partnership with the private equity group Cinven came to an end.

Cinven had been acting effectively as an insurer for DMGT in the deal, where if the government had said DMGT could not acquire the Daily Telegraph then Cinven would automatically take control of the newspaper in its place.

The two are understood to have fallen out over the size of the fee, with Cinven reportedly charging tens of millions of pounds to provide the service.

"We think we have a strong case for why we should be allowed to own the Telegraph, so we decided to go it alone. It's possible that we could still make a joint bid with someone else, if the right proposition was put to us. But we don't need it," a DMGT insider told The Sunday Telegraph.

Final offers for the Telegraph Group, which also includes the Jerusalem Post and the Chicago Sun Times, are due to be filed by May 20. Others in the running include the Barclay brothers and German media group Axel Springer.

Meanwhile, Lord Black's battle with the board of Hollinger International took another turn over the weekend, with Lord Black now facing a bill of as much as $1.25bn (£703.4m), as the board of the company he once headed sues him using a law meant for fighting racketeering in the US.

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