sources
21/09/2023 11:08
By Amy-Jo Crowley
LONDON, Sept 21 (Reuters) - British publisher National
World NWOR.L is sounding out potential investors to help
finance a bid for the Telegraph newspaper group, three people
with knowledge of the move said.
Founded by British newspaper veteran David Montgomery,
London-listed National World last month confirmed its interest
in the Telegraph group, which also includes the Spectator
magazine, and is the latest potential buyer to gear up a bid.
The Scotsman publisher has held discussions with equity and
debt investors for a possible deal for the politically
right-of-centre Telegraph group, two of the people said.
The sources, who spoke on condition of anonymity because the
matter is private, said deliberations remain at an early stage.
A National World spokesperson declined to comment.
Among those National World is considering trying to team up
with on a Telegraph bid is hedge fund manager Paul Marshall, the
people said, adding that it plans to approach him imminently.
A spokesperson for Marshall, who is co-founder of
London-based hedge fund Marshall Wace, declined to comment. Sky
News reported previously that Marshall had hired investment bank
Moelis to advise on a possible bid for the Telegraph.
National World's plans could include splitting the group, so
it would take the newspapers, while Marshall would take the
Spectator magazine, two of the people said.
Lord Rothermere's Daily Mail and General Trust told the FT
earlier this month that it was interested in the Telegraph
group, which fell into the hands of receivers this summer.
The sale is likely to kick off next month, the people said.
The Telegraph group could fetch 600 million pound ($739
million), Sky News reported previously.
In June, restructuring group AlixPartners said Bank of
Scotland had appointed receivers for the shares of the
publisher's owners, who failed to repay loans by the bank.
The receivers said they would look for ways to recover the
debts for the bank, which is a member of the Lloyds Banking
Group LLOY.L .
($1 = 0.8122 pounds)
(Reporting by Amy-Jo Crowley; Editing by Anousha Sakoui and
Alexander Smith)
((Amy-Jo.Crowley@thomsonreuters.com;))