RedBird IMI Kicks Off Sale of Telegraph After UK Backlash
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After a bruising few months, UAE-backed investor RedBird IMI is withdrawing from its attempt to acquire the Telegraph newspaper and Spectator magazine, and will look to sell on its rights to the British outlets.
The auction for the options over the media assets begins Tuesday and bidders have already approached the group with expressions of interest, RedBird IMI said in a statement on Tuesday. RedBird IMI said it would focus on securing the best possible value for the assets, “which remain highly attractive.”