The Barclay family has made a £1 billion offer for the Telegraph newspaper group in a strategic move to ward off competing bidders ahead of an upcoming auction, according to Sky News.
This offer comes after the Barclays secured financial backing from Abu Dhabi-based investors, the broadcaster said.
The family, which previously owned the Daily and Sunday Telegraph along with the Spectator, lost control of these assets to Lloyds Bank over an unpaid debt exceeding £1 billion.
Their latest bid is a significant increase from last month's £725 million and represents a trailing multiple of almost 26-times profits.
The Barclays aim to discourage other potential bidders, such as Axel Springer and Daily Mail-owner Lord Rothermere, from entering the auction, Sky News and the Guardian newspaper have reported.
Lloyds Bank, however, has yet to accept any of the Barclays' proposals, holding out for the auction to determine the Telegraph's market value. Regulatory scrutiny from UK authorities is expected, regardless of the auction's outcome.