The clock is ticking for hopeful bidders in Hollinger International's 550 million-pound-plus (€800 million-plus) sale of Britain's Telegraphnewspaper as a deadline looms next week.
The bidders have been given until May 20th to submit firm bids for the title, which was put up for sale after a bitter dispute between its owner, Hollinger International and then Chief Executive Mr Conrad Black.
The deadline was confirmed in a memo from interim Chief Executive Mr Gordon Paris to Hollinger employees.
But whether the Telegraph will be sold on its own or as part of a sale of the entire Hollinger group remains unclear.
Sources close to the situation say investment bank Lazard, which is running the sale, is waiting to see bids next week before consulting with Hollinger's board and making a final decision.
If the decision is made to sell the
Telegraphon its own, the list of potential hopefuls will be "significantly slimmed down," said another source, with those remaining going through to a final round to battle it out.