Lord Saatchi's bid for the Telegraph rejected by RedBird IMI

8th Aug 2024 10:50

(Sharecast News) - Ex-ad tycoon Lord Maurice Saatchi's bid to acquire the Telegraph has been rejected, it emerged on Thursday, with his offer of £350m failing to progress to the second round of the auction process.

The bid, made in partnership with Lady Lynn Forester de Rothschild, reportedly included additional contingent payments based on the future performance of the business.

However, according to Sky News, the offer was deemed insufficient by the auction's handlers, Raine Group and Robey Warshaw, who were managing the sale on behalf of RedBird IMI, a UAE-backed investment group.

In response to the rejection, Lord Saatchi criticised RedBird IMI for what he described as an overpayment, asserting that his bid, while not the highest, was the most secure for the long-term future of the newspaper.

A spokesperson for RedBird IMI dismissed Saatchi's remarks, Sky News said, stating that his bid was not taken seriously, and that he was not invited to the next stage of bidding.

The auction for the Telegraph, which had been in financial uncertainty for over a year following the seizure of its parent companies by Lloyds Banking Group, had drawn interest from several parties, including publishing group National World and former chancellor Nadhim Zahawi, who was apparently seeking backers for his own bid.

Meanwhile, Sir Paul Marshall, who had shown strong interest in acquiring the Spectator, was considered a leading candidate, which Sky News said raised doubts about his pursuit of the Telegraph as well.

Reporting by Josh White for Sharecast.com.