Telegraph auction to re-open as Redbird IMI looks to withdraw £600m bid
by @cityam
@cityam— RedBird IMI is working to finalise a structure for the sale with ministers, who are hoping to cling on to some oversight of the Telegraph.
Bloomberg—RedBird IMI Kicks Off Sale of Telegraph After UK Backlash. After a bruising few months, UAE-backed investor RedBird IMI is withdrawing from its attempt to acquire the Telegraph newspaper and Spectator magazine, and will look to sell on its rights to the British outlets.
@cityam—Media secretary demands updates into Redbird IMI's Telegraph sale. Earlier this week, Abu Dhabi-backed investment fund Redbird IMI formally withdrew its offer for the Telegraph and launched a sale of it.
The Guardian—Telegraph up for sale as RedBird IMI walks away after UK backlash. UAE-backed investment group says new legislation means takeover of newspapers is ‘no longer feasible’Business live – latest coverageThe United Arab Emirates-backed consortium that proposed a £600m takeover of the Telegraph group is walking away after it said new legislation meant the acquisition was “no longer feasible”, triggering a fresh auction of the newspaper group.The decision by RedBird IMI – a partnership backed by Sheikh Mansour bin Zayed al-Nahyan, the UAE’s vice-president, and the US...