Philanthropist Raymond Perelman says $85 million cash is his final offer to buy The Philadelphia Inquirer and Daily News at a bankruptcy auction.
Perelman's bid is $20 million less than the $105 million bid made by creditors hoping to take over the company.
But a lower bid can be deemed the "highest and best" offer in a bankruptcy case given employment guarantees or other non-cash terms.
Lawyers for the current owners are weighing the offers during a break in Thursday's court auction.
A group of local investors paid $515 million for the company in 2006 but are selling it to emerge from bankruptcy.
Perelman's lawyer Gregory Milmoe says his client is a Philadephia institution who wants to preserve another Philadelphia institution.
Copyright AP - Associated Press