Hollinger Drops Proposed Share Offer

21 December 2001

Hollinger Incorporated, the newspaper group controlled by Conrad Black – recently ennobled as Lord Black of Crossharbour – announced that a planned scheme to make the firm private is now “not feasible”.

Blaming “current market conditions and business developments since September 11,” Hollinger said it would not be seeking to buy the 7.1 million retractable common shares in the hands of minority investors. The company has been assessing the viability of such a move for three months.

Hollinger’s chief asset is its 32.2% equity holding and 71.8% voting interest in Hollinger International, owner of a number of newspaper assets in the UK, US, Israel and Canada, among them Britain’s highest circulation broadsheet, the Daily Telegraph, the Chicago Sun-Times and the Jerusalem Post.

The New York Stock Exchange-listed Hollinger has seen its share value tumble of late, while its parent’s stock, traded in Toronto, has changed little.

News source: New York Times; Hollinger website