Reported 2 days ago
Former Conservative cabinet minister Nadhim Zahawi has withdrawn from the 'British bid' led by Dovid Efune for The Telegraph, complicating the effort to challenge a planned takeover by US private equity firm RedBird Capital. Zahawi's exit, which removes £60m from the joint bid, leaves Efune struggling to raise the remaining funds needed for his £550m offer. Mr. Efune's proposal was already under fire from IMI, the current owner, as they support RedBird’s acquisition, raising doubts about the viability of Efune's bid amidst concerns over press freedom and funding sources.
Source: YAHOO