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August 2003

Conrad Black rules out ever selling Telegraph, despite financial problems at Hollinger.

November 2003

Black steps down as chief executive of Hollinger following unauthorised payments to himself and executives. He claims innocence over $32.5m payments.

The Daily Telegraph could face sale for first time in 20 years following strategic review by investment bank Lazard.

December 2003

Up to 50 parties declare interest in Hollinger's assets, including Barclay brothers, Mohammed Al Fayed, former Daily Telegraph editor Charles Moore, German media giant Axel Springer, USA Today publisher Gannett, and stockbroker Collins Stewart to name but a few.

Black makes a £259m deal with Barclays for all of Hollinger Inc. Hollinger International discusses "poison pill" plan.

January 2004

Hollinger International creates board to look at alternatives to Barclay Brothers' bid.

February 2004

Lord Black and Hollinger International face each other in court over the future ownership of the company's assets. US judge blocks Lord Black's sale to the Barclays.

First round of bids closes including those from Richard Desmond, the Daily Mail & General Trust, private equity groups Candover and 3i, and Collins Stewart. DMGT's bid is backed by Cinven and the Berry family, who owned the Telegraph before Lord Black bought them out.

March 2004

Desmond claims to offload porn magazines to enhance his chances in the auction.

Telegraph sale enters second round.

Black sues Hollinger for £90m in unpaid fees and damages.

Barclay brothers rejoin the race.

Former managing director Jeremy Deedes rejoins the paper to oversee possible sale.

Israeli billionaire Haim Saban enters the auction.

Desmond quits Telegraph race after being told he will have to raise his bid.

April 2004

Private equity firms Candover and Apax submit joint bid.

Candover drops off shortlist of bidders, narrowing the field to six.

Desmond launches racist "Seig heil" tirade at Telegraph executives referring to Axel Springer's bid.

May 2004

Hollinger International sues Lord Black for $1.25bn.

Offers for some or all of the company made, with Axel Springer and Barclay brothers emerging as favorites.

Shortlist of bidders cut down to three -- Barclay brothers, DMGT and 3i and Veronis Suhler Stevenson.

Kohlberg Kravis Roberts pulls out of race.

June 2004

DMGT makes knock-out bid, close to £700m, then pulls out of race citing an unsuccessful bid.

Barclay brothers emerge as frontrunners, five months after their initial offer was blocked by US judge.

Barclay Brothers win the race for the paper, with a bid worth £665m.

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