British media reports have suggested that another bidder has emerged for the Scottish Media Group's stable of newspapers which Sir Anthony O'Reilly's Independent News & Media is also chasing.
Former Financial Times chief executive Mr Stephen Hill has been named as the leader of a consortium bidding for the Herald titles. Other bidders include the Barclay brothers, the publishers of the Scotsman and the US newspaper group Gannett. The successful group is expected to have to pay more than €300 million for the business. Independent has not commented on its interest in SMG.
The Herald was founded in 1783 and plays a key role in Scottish life. Three years ago the Sunday Herald was launched. The group also publishes the Glasgow-based Evening Times.
When the group was initially put on the market, 15 candidates expressed interest.
The Barclays own the Scotsman, the Edinburgh-based rival title, and are understood to have lodged the highest bid but if successful could run into problems with the Competition Authority.
Independent is understood to have lodged a bid along with Providence Equity Partners. Other bidders are believed to include Archant, publisher of the Hampstead and Highgate Express, and Candover, a venture capital group.
