Sale of Telegraph Group completed: Hollinger International
Last Updated: Friday, July 30, 2004 | 3:51 PM ET
CBC News
The sale includes the Daily Telegraphy of London, the Sunday Telegraph and the Spectator magazine.
The announcement of the sale came just hours after a Delaware judge ruled Thursday that a shareholder vote on Hollinger International's sale of the Telegraph Group was not necessary.
Hollinger Inc. went to court last week to force Hollinger International to hold a shareholder vote on the sale. Hollinger Inc. owns 18 per cent of the equity in Hollinger International and holds a 68 per cent voting stake in the newspaper and trade publication company.
In court on July 23, Hollinger Inc. lawyers argued vote should be held since the sale of the Telegraph involves a large portion of Hollinger International's assets.
In his 92-page ruling issued Thursday, Leo Strine, Vice-Chancellor of the Delaware Chancery Court, said the sale of the Telegraph Group did not constitute "substantially all" of Hollinger International's assets.
Later on Friday, the Delaware Supreme Court denied a Hollinger Inc. appeal of Thursday's ruling.
"While we are disappointed that the Courts failed to provide Hollinger International shareholders the opportunity to determine if a sale of the Telegraph was in their best interest, we wish the new owners of the Telegraph Group well in their stewardship of these world-class media properties," Hollinger co-chief operating officer Peter White said.
Conrad Black, the former chairman and CEO of Hollinger International, was forced out of the company amid allegations he and other executives received millions of dollars in unauthorized payments.
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