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'Scotsman' price discouraged bidder

Bill Hughes, chairman of the industrial holding company, Grampian Holdings, and one of the early front-runners to make a bid for the Edinburgh- based Scotsman newspaper group, hinted yesterday that his consortium dropped out of the bidding because it felt the asking price was unrealistic.

Scotsman said yesterday that they hoped a deal might be completed by early next month. A number of interested bidders, believed to include Associated Newspapers and the Barclay brothers, owners of The European, are examining the Scotsman's books.