The group that included Paul Godfrey, president and chief executive officer of the National Post, is no longer in the running to buy the company that owns that newspaper, the Toronto Star reports, quiting a source close to the process. The Godfrey group placed too low a valuation on CanWest LP and wasn't invited to proceed to the second stage of the sale process, the source said. CanWest LP, which is operating in bankruptcy protection, is expected to fetch at least $950 million, the amount the secured creditors are owed. The newspapers attracted "a significant" number of interested parties, the sale monitor said in a report. About half a dozen were invited to proceed to the second stage, which ends April 30. Any offers for less than the whole chain were rejected. One interested in the whole chain was not invited to move forward.
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