Canadian paper chains in bidding war

A chain of small newspapers in Canada has become the object of a controversial bidding war. Osprey is considering competing offers for its 20 daily and 34 non-daily titles, from Black Press (which is in no way connected to the group's former owner, Conrad Black), worth £190m and a smaller bid from Montreal-based Quebecor Media. The situation is complicated by the fact that a giant chain, Torstar, holds a 19.4% stake in Black Press, and Quebecor is now considering legal action to block the Black Press bid. (Via New York Times)