It has emerged that the bid by Debenhams and Kwik-Fit owner CVC, in which Daily Mail-owner DMGT has a minority stake, may be less than £650m. The Barclay brothers, who own The Scotsman group, are understood to have met the £700m price tag set during the auction run by Lazards investment bank.
It is understood that 3i, the private equity firm that is also bidding for control of the titles, is also believed to have submitted a lower bid than the Barclays.
A decision on the new owner is expected this week. However, this may be delayed after reports that ousted Telegraph Group chairman Lord Conrad Black is demanding that the board of the group's parent company Hollinger International seek shareholder approval before proceeding with the sale of the titles, which include the Daily Telegraph, Sunday Telegraph and The Spectator.
DMGT's bid could be further hampered as the move may face regulatory hurdles from the Competition Commission and Ofcom.
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