Desmond tables Daily Telegraph offer
Richard Desmond - who owns 50% of The Star newspaper in Ireland - has tabled a £500m (€736m) bid for the Daily Telegraph.
Desmond, the owner of the Express and Star newspapers in Britain as well as a number of pornographic magazines and TV channels, made the offer despite former owner Conrad Black agreeing to sell his stake in parent group Hollinger Inc to rival publishers, the Barclay brothers.
Lazard, the merchant bank that is asking for indicative bids on behalf of the Telegraph's owner, Hollinger International, has set a deadline of 5pm tomorrow for bids from interested parties.
In a separate development journalists at the Telegraph group have voted overwhelmingly in favour of strike action.
Over 80% of the National Union of Journalists members on the titles said they would support strike action if necessary while that figure rose to 85% when asked if they were in favour of other industrial action, such as a work to rule.
The union had been looking for a pay rise of 8% on behalf of its members but was offered just 3% by the company.
Management at the Telegraph only formally recognised the NUJ in May 2003.
