Knight Ridder (KRI) rose $1.07, or 2%, to $62.27 after the Los Angeles Times reported March 4 that two private investment firms are backing away from serious bidding for the company, which put itself on the block last November. It was $62.30 about noon today.
A consortium that includes Kohlberg Kravis Roberts & Co., Blackstone Group and Providence Equity Partners is "unlikely" to offer much more than Knight Ridder's current share price, the Times said. The same iss true of another group made up of Bain Capital, Hellman & Friedman, Texas Pacific Group and Thomas H. Lee Partners, the newspaper reported.
Apparently, the combination of Gannett Co. (GCI) and privately held MediaNews Group remains interested, the Times said. McClatchy Co. (MNI) is also a suitor, the report said.
The next round of bids for Knight Ridder is due Thursday, according to the Times report.
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