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Desmond heads Telegraph bids after selling adult titles.(Richard Desmond, Daily Telegraph PLC)(Remnant Media's acquisition of Northern & Shell's Fantasy Publications division)
The battle for ownership of the Telegraph Group was thrown wide open this week after the Barclay brothers withdrew their offer for Conrad Black's stake in its parent company, Hollinger.
Their decision to cancel the bid follows a US court ruling preventing Black from selling his stake in the company.
However, the brothers are still considering submitting a bid for Hollinger's operations to its investment bank Lazards, which has already received offers from Daily Mail & General Trust and Richard Desmond's Northern & Shell.
Speculation is also mounting that the US investment company The Carlyle Group is about to table an offer for Hollinger. The group's European chairman is the former prime minister, John Major. The rival venture capital groups Apax and Candover have already made offers and Len Sanderson, the former managing director of Telegraph Sales, is acting as an adviser on the Apax bid.
Northern & Shell this week sold off Fantasy Publications, its adult magazine division, for around pounds 20 million in a move that has widely been interpreted as an attempt by Desmond to win respectability ahead of the scrap for ownership of the Telegraph.
Forty-five titles, including Readers' Wives and Asian Babes, were sold to Remnant Media, run by Simon Robinson, a former Mirror Group Newspapers executive.
Desmond will also use his joint ownership of the ...
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