The Daily Telegraph's suitors have been told to submit revised offers by 27 September as Sir Paul Marshall prepares to take control of the current affairs magazine, Sky News understands.
The remaining bidders for The Daily Telegraph have been given a deadline for revised bids for the right-leaning newspaper as its stablemate, The Spectator magazine, clinches a £100m sale to the hedge fund tycoon Sir Paul Marshall. Sky News understands that RedBird IMI, the Abu Dhabi-backed entity which was thwarted in its efforts to buy the media titles by a change in ownership law, has asked at least three parties to table second-round offers on 27 September.
RedBird IMI, a joint venture between IMI and the American investor RedBird, paid £600m last year to acquire a call option that was intended to convert into equity ownership. A sale of The Spectator for £100m would leave it needing to sell the Telegraph titles for £500m to recoup that outlay in full - or more than that once RedBird IMI's fees and costs associated with the process are taken into account.
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