Hollinger International mulls Barclay bid

LONDON, Jan. 20 (UPI) -- The board of Britain's Hollinger International met in emergency session to consider what it deems a hostile takeover.

The sudden meeting Monday followed a weekend announcement by the reclusive Barclay brothers that they had cut a $466.5 million deal to buy a holding company that controls Hollinger International, the Financial Times reported Tuesday.

Their agreement, with Hollinger International's deposed chairman, Conrad Black, would give them ownership of a holding company that controls a majority interest in the huge newspaper publisher, owner of London's Daily and Sunday Telegraph, the Chicago Sun-Times and the Jerusalem Post.

For his part, Black denounced his weekend ouster as chairman of Hollinger International. And late Monday night he appealed to the Superior Court of Justice in Ontario, where company shares are traded, to approve -- and defend -- the sale.

"We are taking appropriate legal action to prevent any interference whatsoever with the completion of this transaction," Black said.

Black also has informed the board he has no intention of repaying $18.1 million on non-compete fees, the Daily Telegraph reported.

He may need Ontario's help.

Tweedy Browne, a U.S. mutual fund with an interest in Hollinger International, claimed the sudden deal for Black's holding company, known as Hollinger Inc., threatened to derail a special committee's ongoing strategic review of Hollinger International that could lead to a company break-up.