Maurice Saatchi has reportedly dropped out of an auction to acquire The Telegraph after his £350 million bid was rejected.
Made alongside former director at The Economist, Lynn Forester de Rothschild, the ex-advertising mogul’s bid failed to make the second round of the auction, according to Sky News.
Saatchi subsequently claimed RedBird IMI “overpaid” when the UAE-backed firm took effective control of the newspaper last December by repaying a £600 million debt owed by former owners the Barclay family.
“We are sorry RedBird IMI overpaid,” he told Sky News, “we are offering £350m plus further payments dependent on performance.
“Our bid is not the biggest - but it is the best.”
RedBird IMI, which saw its attempt to ultimately buy The Telegraph blocked by the UK’s former government, accused Saatchi of not making a “serious bid,” however.
They never signed “a non-disclosure agreement,” a spokesperson said, “and they haven't been invited into the second round.
“So, with all due respect, no one takes Maurice or his views on any of this seriously.”
Questions have been left over who will ultimately take over The Telegraph following Saatchi’s departure from proceedings, with London-listed National World and former chancellor Nadhim Zahawi said to be mulling offers.