Black set to launch bid challenge

LAWYERS for Lord Black are expected to launch a legal challenge today to the Barclay twins' £665m purchase of the Telegraph newspapers.

Black still owns 73% of voting rights and 30% of the equity of the vendor, Hollinger International.

Judge Leo Strine said last week Black was entitled to appeal for a shareholder vote despite being frozen out of the review process that led to the sale of the Telegraph.

The 69-year-old Barclay brothers, who own The Ritz and the Littlewoods mail order catalogues and live in a £27m castle on their own Channel island, Brecqhou, last week outbid venture capital firms 3i and Veronis Suhler Stevenson, who offered £650m.

Other bidders had dropped out as the price soared.