The Daily Telegraph is expected to be acquired by a US bidder at auction, with Mr Efune being one of the two bidders who attended senior management presentations. The bid could potentially establish a connection between the Telegraph and its former owner Conrad Black, who was convicted of fraud and obstructing justice in 2007. Other bidders, including hedge fund tycoon Sir Paul Marshall and National World, are also in the running. However, sources suggest that Sir Paul's bid may be losing momentum, and David Montgomery's plans for the Telegraph were described as 'dated' and 'a bit like dad dancing' by one attendee.