National World edges towards £61.5m takeover deal
Bosses at the newspaper owner said on Friday that they would be ‘minded to’ support the deal if its suitor lays down a formal bid.
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Your support makes all the difference.Newspaper group National World has moved closer to a takeover by its largest shareholder.
The Scotsman and Yorkshire Post owner said Media Concierge has put forward a £61.5 million proposal to buy the media firm.
Bosses at National World said on Friday that they would be “minded to” support the deal if its suitor lays down a formal bid.
Media Concierge, which owns a 28% stake in National World, runs a raft of local newspapers in Ireland as well as direct mail and advertising operations.
The latest approach would value National World at 23p per share.
It comes after a previous potential offer worth £56.2 million, or 21p per share, was put forward by Media Concierge last month.
Following the initial bid, National World also revealed to shareholders that it launched an investigation into Media Concierge, alleging that entities linked to the business were potentially “inappropriately withholding revenues due to National World totalling £4.4 million”.
On Friday, National World said it has agreed to a “temporary halt” in any legal proceedings as part of the process.
The potential buyer is among the original backers of National World, after it was set up as a media investment vehicle by former Mirror Group chief executive David Montgomery in 2020.
Later that year, National World snapped up regional newspaper publisher JPI Media for £10.2 million, in a move which saw it take control of The Yorkshire Post, The Scotsman and dozens of other titles.
It has since been linked to other major acquisition deals and was among bidders to buy the Telegraph Media Group earlier this year.
In August, National World revealed that group revenues grew 17% to £48.8 million for the first half of 2024, as it also increased its profits for the period.
Shares in National World climbed 6.6% in early trading.