Favourites emerge as Telegraph battle nears conclusion

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Jules Grant,

May 21, 2004

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Favourites emerge as Telegraph battle nears conclusion

LONDON - German publisher Axel Springer and the billionaire Barclay brothers have emerged as the favorites in the race for Britain's best-selling broadsheet The Daily Telegraph, which is finally nearing an end after the deadline for bids passed last night.

Offers for some or all of parent company Hollinger International were submitted by bidders yesterday. Axel Springer valued the Telegraph Group, including the Sunday Telegraph and political magazine The Spectator, at between £500m and £600m and bids are expected to reach up to £700m.

Other bidders include the Daily Mail & General Trust, owners of the Daily Mail, investment firm 3i, and a joint bid from Candover and Apax.

Hollinger is expected to receive an offer for the whole group, up to five bids for the Telegraph Group and up to two offers for the Chicago Sun-Times. It is understood that Haim Saban, the US-Israeli media baron and CanWest, the Canadian media company, have expressed interest in the Jerusalem Post.

The board of Hollinger International will meet next week to consider the bids submitted to investment bank Lazard, which is advising the board, although a decision is not expected for several weeks.

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