UK newspaper publisher Daily Mail & General Trust will bid on its own for Hollinger International Plc's Telegraph newspapers after dropping its private equity partner, a Sunday newspaper said.
The Sunday Telegraph, citing an unnamed executive close to Daily Mail & General Trust (DMGT), said the firm had broken up its partnership with Cinven.
DMGT had been working on a contract with Cinven that would have seen the private equity firm automatically acquiring the Telegraph Group in the event that DMGT was forced by regulators to sell it, the Sunday Telegraph said.
But the fee demanded by Cinven for this "underwriting" was regarded by DMGT as too much, the newspaper added.
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