RedBird IMI to withdraw UK's Telegraph bid, possibly prompting a new bidding war amid UK's planned media takeover restrictions.

RedBird IMI is set to withdraw its bid for UK's Telegraph newspaper, likely triggering a new bidding war. The investment group, backed by the UAE, is expected to officially withdraw as early as next week. The move comes after the UK announced plans in March to block foreign governments from taking stakes in media titles. A sale process for the Telegraph is expected to begin in the coming days.

April 26, 2024
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