Redbird IMI formally abandons Telegraph takeover [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
It said it had secured agreement from the Department of Culture to sell on the option to own the titles in a process that will be run by the advisory firms Raine of New York and Robey Warshaw, based in London. RedBird IMI said it would also sell The Spectator magazine, either separately or in a package. Multiple parties, thought to include The Daily Mail owner Lord Rothermere and Sir Paul Marshall, co-owner of GB News, have already informally expressed interest in a new auction. A spokesman said: “RedBird IMI has today confirmed that it intends to withdraw from its proposed acquisition of the Telegraph Media Group and proceed with a sale. “Our ownership would have seen the strongest editorial protections ever put forward for a UK newspaper, along with much-needed investment. “We continue to believe this approach would have benefited The Telegraph and Spectator's readers, their journalists and the UK media landscape more widely. “Regrettably, it is clear this approach is no
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LYG
Sec Filings
- 5/17/24 - Form 6-K
- 5/16/24 - Form 6-K
- 5/16/24 - Form 6-K
- LYG's page on the SEC website