The sale of the Herald newspapers, which includes the Herald, Sunday Herald and Glasgow's Evening Times, has excited a lot of interest from venture capitalists and newspaper groups.
Montgomery, a former journalist and editor of the News of the World, is seen as a strong contender in the race for the Scottish newspaper group. He has a detailed knowledge of the Herald's business from his time as Mirror Group Newspapers chief executive, which held a stake in SMG and gave Montgomery a place on its board.
Among the other serious bidders so far are the Guardian Media Group, Johnston Press, Associated Newspapers and venture capitalists Candover, Cinven and Permira.
It is the third time 3i has backed Montgomery. It backed him in his bid for Express Newspapers, which went to Richard Desmond, and in his bid to buy the Belfast Newsletter.
His main rival is the Scottish-based newspaper group the Johnston Press, which is likely to face few competition hurdles compared with other newspaper groups.
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