Media Concierge proposes a substantial £56.2m offer to acquire National World, intending to expand its media ventures.
- The takeover bid was pitched on 31st October, highlighting Media Concierge’s strategic interests.
- Offering 21p per share, this bid presents a 40% premium over National World’s recent closing stock price.
- Despite repeated attempts, Media Concierge has struggled to engage in substantive talks with National World’s board.
- This proposal marks a shift in National World’s role from an acquirer to a potential subject of acquisition.
On 31st October, Media Concierge made a significant £56.2m offer to acquire National World, a prominent publisher of titles such as the Yorkshire Post and The Scotsman. This proposal represents a strategic move by Media Concierge to expand its portfolio in the media landscape.
The offer of 21p per share values National World at a 40% premium compared to its closing price, indicating Media Concierge’s robust financial commitment to the acquisition. This premium highlights the attractiveness of the deal for National World shareholders.
Despite this enticing offer, Media Concierge has encountered challenges in engaging with National World’s board and advisers. Since submitting the proposal, meaningful dialogue appears to have stalled, which prompted Media Concierge to make the offer public. This action seeks to rally shareholder support for the proposal.
National World, initially set up by David Montgomery as a media investment vehicle, has been known for acquiring print companies. Recent business activities linked it with potential purchases, including the Telegraph Media Group and Reach. Its transition from acquirer to acquisition target marks a notable shift in the company’s trajectory.
Media Concierge, owned by the Denmark family, seeks to align National World’s resources with its own media companies, such as Mediaforce, The Leaflet Company, and Iconic Media Group. Malcolm Denmark, the majority shareholder, has a long-standing influence in the media sector, having established Mediaforce UK in the 1980s.
Media Concierge’s acquisition bid for National World reflects a calculated expansion strategy, despite ongoing communication challenges.
