Express owner Desmond withdraws Telegraph bid

Express group owner Richard Desmond is believed to have withdrawn a bid for the Telegraph Group, according to industry sources.

Initially the Telegraph Group, which includes the Daily and Sunday Telegraph, the Jerusalem Post, the Chicago Sun Times and the Spectator magazine, was expected to fetch around £500m (€748.3m).

But the price is being pushed up as the list of potential buyers expands.

There is now an estimated 12 bidders for the prestigious newspaper group with the Daily Mail and General Trust, Providence Equity, Apax Partners and 3i Group among them.