By: (AP) The publisher of Britain's Daily Mail and Mail on Sunday newspapers said Thursday it had dropped out of the bidding for the Telegraph titles from troubled Hollinger International Inc.
Daily Mail & General Trust PLC said it was no longer involved in the auction for The Daily Telegraph, The Sunday Telegraph and The Spectator magazine, Hollinger's British titles.
The firm did not reveal details of its bid. The Financial Times newspaper reported Thursday that the company, backed by private equity company CVC Capital Partners, had offered between $1.1 billion and $1.13 billion.
Lazard, the bank handling the sale on behalf of Hollinger International, is expected to make a final announcement on the auction in the next few days. The billionaire Barclay brothers -- owners of The Scotsman newspaper -- and a financial consortium involving British investment group 3i are believed to be in the running.
In the wake of last year's ouster of CEO Conrad Black, Hollinger is considering the sale of some or all of its titles, which include the Chicago Sun-Times and the Jerusalem Post.
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