Summary
The Barclays formed a new company Press Holdings International as the vehicle for their $466.5 million ((pounds) 253m) deal with Ravelston, Conrad Black's Toronto-based management company. The new company is distinct from Press Holdings, which runs The Scotsman and The Business newspapers.
The deal was an "irrevocable agreement" using a mixture of cash and debt to buy a controlling interest in Hollinger Inc, the newspaper company formed and chaired by Lord Black. If the acquisition is to succeed the new company must tender for the remaining 22% of Hollinger Inc shares by Wednesday. Under the deal with Black they stand to acquire 73% of Hollinger International's voting rights and, hence, control of its newspaper titles. However, this process will take "at least 35 days to complete" under Canadian law.See the full content of this document
Extract
Finalising the Deal
Lazard, the ...
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