Abu Dhabi-backed RedBird IMI has said it will withdraw its offer for the UK’s Telegraph newspaper.
RedBird IMI is a joint venture between US firm RedBird Capital and Abu Dhabi’s International Media Investments.
It had previously struck a 1.2 billion-pound deal with Telegraph Media Group’s (TMG) previous owners, the Barclay family, late last year.
However, the agreement was put under the spotlight by the UK government which last month said it would bring forward legislation to block such state-backed takeover deals in the industry.
This may have prompted RedBird IMI to scrap its takeover plans, according to media reports.
“RedBird IMI has today confirmed that it intend
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