The Barclay family tabled an 11th-hour proposal on Wednesday to regain control of the corporate structure which owns the Telegraph newspapers and Spectator magazine, Sky News has learnt.
that Lloyds plans to rapidly launch a sale process for the Telegraph newspapers and Spectator magazine, with a bidding frenzy expected to ensue.Lloyds executives expect the media assets to command a price tag of about £600m, meaning it would still be owed in the region of £400m by the Barclay family even after the proceeds of the Telegraph sale are used to repay part of the loan.
AlixPartners is acting as receiver to B.UK Ltd, a holding company within the Penultimate Investment Holdings Limited Group which indirectly owns the Telegraph Media Group and The Spectator Limited. The impending sale process would be among the most hotly contested media auctions in Britain for years and is expected to draw interest from billionaires, Tory donors and other media groups.
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