(AP) Press Holdings International Ltd., the investment vehicle of the Barclay brothers, Tuesday said it withdrew its offer to buy Conrad Black’s majority stake in the Toronto-based newspaper group Hollinger Inc. after a Delaware judge blocked the sale.
The Barclays had offered $316 million for Black’s stake in Hollinger, the company he uses to control Chicago-based newspaper publisher Hollinger International Inc.
A spokesman for David and Frederick Barclay declined to comment on whether the reclusive media moguls would be making a bid for any of the titles published by Hollinger International. They include the Telegraph Group, the Chicago Sun-Times and Jerusalem Post.
A number of trade and financial buyers have submitted bids for the Telegraph Group to Lazard LLC, hired in November to review the company’s strategic alternatives, but it is unclear how the investment bank plans to proceed following the court’s decision last Thursday.
A further court ruling on how the decision should be implemented is expected within the next few days.