Business Services Industry
Clock Is Ticking for Collins in Buyout of London Telegraph Newspaper.
Knight Ridder/Tribune Business News, March, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Mar. 23--Stockbroker Collins Stewart may re-enter the auction for the Telegraph newspaper, having pulled out after the first bidding round.
It is considering whether to join with a US private equity firm to bid for the whole of Hollinger International, the US owner of the Telegraph and the Chicago Sun-Times. Collins Stewart would then float off the Telegraph title.
Chief executive Terry Smith said: "We're still thinking about it." He needs to think fast, because bids are due in by the end of today.
Collins fell 19 pence to 438 pence, though pretax profits jumped from UKpound 25.5 million to UKpound 69.4 million last year, boosted by its acquisition of...
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