Independent News & Media will face strong competition in its bid to buy Northern Ireland's biggest-selling newspaper, the Belfast Telegraph.
Rival bids have been lodged by Guardian Newspapers, United States media group Gannett, Regional Independent Media and a venture capital-backed management buyout group.
Industry sources believe that the price tag for the hugely-profitable Telegraph will be at least £250 million sterling (€408 million).
A spokesman for Independent refused to give any details on its bid. But it is understood that it has been made through Independent's subsidiary in Britain and includes a local board of directors made up of Independent executives and prominent local politicians and businessmen.
This is aimed at reassuring both unionist and nationalist readers that the Telegraph's editorial independence will be maintained and that its editorial policy of supporting moderate unionism will be maintained.
If the Independent bid is successful, this local board will include the chairman of the Ulster Unionist Party, Lord Rogan, Lady Moira Quigley, wife of Ulster Bank chairman Sir George Quigley, Ms Berna McIvor, election agent for SDLP leader Mr John Hume, businessman and former rugby international Mr Trevor Ringland and the director-general of the Northern Ireland arm of the Confederation of British Industry, Mr Chris Gibson.
It also understood that this local board will include Mr Maurice Hayes, the former Northern Ireland ombudsman who is a main board director of Independent News & Media.
Independent has been advised on its approach to the Telegraph bid by Lord Laird, one of the North's most prominent public relations consultants and a former Ulster Unionist MP.
It remains to be seen whether the presence of this local board will be sufficient to reassure unionist readers of the Telegraph in particular that the newspaper's editorial policies and independence will be maintained. But sources believe that there will be a substantial number of people in the North who would fundamentally oppose any presence by Independent in local newspapers, no matter what assurances are given.
Independent's own interests in Britain include The Independent, the Independent on Sunday, a chain of local newspapers in the south-east of England, and various magazine and digital media interests.
Rival bidder Gannett is the biggest newspaper group in the US and prints 75 daily titles including USA Today, as well having 21 television stations and cable operations.
The one big surprise among the final list of bidders is the absence of the Daily Mail, which had been long mooted as a likely bidder. The other major surprise is the inclusion of Guardian Media, which publishes The Guardian, The Observer and the Manchester Evening News. Regional Independent Media, whose main British title is the Yorkshire Post, is thought by industry sources to be offering theTelegaph's owners, Trinity Mirror, some sort of asset swap. It is understood, however, that all of the bidders have been told that straight cash offers are likely to get preference. The management buyout group is headed by Belfast Telegraph chief executive Mr Derek Carvill.
Given the likely price tag - upwards of £250 million sterling - analysts believe that Independent, Guardian Media and Gannett are the frontrunners for the Telegraph. A final decision from Trinity Mirror is expected in mid-March.
The newspaper is thought to have made about £20 million sterling profits last year on sales of £60 million. Of these profits, about £4 million is thought to have come from contract printing. The Telegraph's surplus print capacity is mainly used by News International to print Irish editions of The Sun and the News of the World.
