UAE-backed investment group says new legislation means takeover of newspapers is ‘no longer feasible’
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The United Arab Emirates-backed consortium that proposed a £600m takeover of the Telegraph group is walking away after it said new legislation meant the acquisition was “no longer feasible”, triggering a fresh auction of the newspaper group.
The decision by RedBird IMI – a partnership backed by Sheikh Mansour bin Zayed al-Nahyan, the UAE’s vice-president, and the US investment firm RedBird Capital Partners – puts the newspaper group back up for sale, with several high-profile suitors expected to bid.
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