Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Sir Paul Marshall could pull out of bidding for the Telegraph
(Sharecast News) - The anticipated takeover bid for the Telegraph by hedge fund tycoon Sir Paul Marshall was facing uncertainty on Monday, just days before the bid submission deadline. According to Sky News, Marshall - a significant shareholder in GB News - had been reconsidering his interest in submitting an independent bid for the Daily Telegraph.
It cited its sources as indicating that Sir Paul could still submit an offer before the Friday evening deadline set by RedBird IMI, the Abu Dhabi-backed entity managing the sale, or could alternatively join a consortium bid if a suitable one emerges.
The potential withdrawal of Marshall, a central figure in the bidding process for almost a year, could impact RedBird IMI's efforts to recover the £600m it invested in a call option for the Telegraph titles.
Sir Paul reportedly finds the valuation implied by RedBird IMI's transaction excessively high.
Marshall had apparently secured financing from Ken Griffin, founder of hedge fund Citadel.
The publisher of the Daily Mail, DMG Media, meanwhile exited the auction last week due to concerns over a competition inquiry.
Other interested bidders included David Montgomery's National World, Lord Saatchi in collaboration with financier Lynn Forester de Rothschild, and Belgian media group Mediahuis.
RedBird IMI's plans to take control of the Telegraph were previously hindered by government intervention over concerns about foreign state ownership of national media assets.
The auction for the Telegraph came after Lloyds Banking Group seized its parent companies from the Barclay family due to unpaid debts.
Earlier this year, Raine Group and Robey Warshaw were appointed to advise on the sale's next phase, noted for their roles in recent high-profile deals in British football.
Sky News said a spokesperson for Sir Paul Marshall declined to comment, with Sir Paul himself stating he would not comment during the ongoing auction process.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.