Hollinger tells Black no shareholder approval needed for proposed Telegraph sale

0 Comments | AFP, July, 2004

MONTREAL (AFP) — Hollinger International underscored to Conrad Black that its proposed sale of the British Daily and Sunday Telegraph newspapers does not require a shareholders' vote.

"The company believes that the sale of the Telegraph Group Limited does not require a shareholder vote," the Chicago subsidiary said in a statement.

"Furthermore, based on its thorough strategic process, the company believes that the sale of the Telegraph Group at this time presents the best opportunity to maximize value for all of the company's shareholders," it said.

Black on Thursday sued Hollinger International in a US court, demanding that the company hold a shareholder vote on the proposed sale.

Black's holding company, Hollinger Inc., took the multimillion-dollar...