Billionaires sought Hollinger deal

Press Holdings International, the British firm controlled by the billionaire Barclay twins, approached newspaper publisher Hollinger International’s bankers with an $18-a-share (€14) offer last weekend, Press Holdings said in Chicago.

Press Holdings, which has agreed to acquire control of Hollinger International parent company Toronto-based Hollinger, said it was rebuffed by Hollinger International bankers.

But Press Holdings remains interested in talking to Hollinger International about a deal to buy the 70% of class A common shares that are not controlled by Hollinger, a spokesman said. “We are very interested in finding a way forward,” the spokesman said.

Chicago-based Hollinger International is waging a legal battle to block Press Holdings’ deal to acquire the Hollinger stake of ousted Hollinger International chairman Conrad Black.

News of the overture sent Hollinger International shares soaring nearly 13%, or 1.92, to close at 16.71 yesterday on the New York Stock Exchange.

Press Holdings owns several newspapers in Britain, including The Scotsman, as well as The Ritz hotel in London. Hollinger International owns the Daily Telegraph, the Chicago Sun-Times and the Jerusalem Post.