Hollinger Auction Aims to Stop Black-Barclay Deal

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By: E&P Staff

Hollinger International, in an attempt to stop former chief Conrad Black from selling his controlling interest in the company to Frederick and David Barclay, has started a formal auction process for some of its top properties.

And, according to the New York Post, the Barclays were denied an auction book on Thursday by Hollinger investment bank Lazard.

Hollinger owns the Chicago Sun-Times, the London Daily Telegraph and the Jerusalem Post. Possible bidders, especially for the Telegraph, are The Washington Post, the Daily Mail of London and U.K. newspaper baron Richard Desmond. The New York Post quoted published reports saying that the Telegraph could fetch as much as $900 million, while the entire company could be worth more than $1.8 billion.

Last weekend, the Barclays announced that they had a deal for approximately $440 million with Black for Black’s stake in the company. Black resigned in November as chief executive of Hollinger International after company directors learned he and other top executives accepted $32 million in unauthorized compensation.

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