Media Concierge has made an improved bid to acquire National World.
- The Irish media group raised its initial offer from £56.2m to a new proposal at 23p per share.
- Assurances have been given about future intentions for National World post-acquisition.
- Legal proceedings over historical invoicing issues have been temporarily paused.
- National World’s Board is considering the proposal with potential recommendation.
In a strategic move, Media Concierge has stepped up its acquisition bid for National World, raising the offer from the initial £56.2m bid to a new proposal at 23p per share. This represents a significant development in the media landscape, reflecting Media Concierge’s aggressive approach to secure National World’s assets.
The improved bid includes written assurances concerning the future direction of National World, should the acquisition proceed. This gesture aims to address any uncertainties about the potential changes within the company, thereby reassuring stakeholders and employees about the continuity of operations post-acquisition.
A noteworthy aspect of this transaction is the decision to pause ongoing legal proceedings. These proceedings were related to a probe into alleged invoicing discrepancies involving entities linked to Media Concierge. Specifically, National World began investigating claims in October that £4.4 million in revenues were being improperly withheld by these entities. By halting legal actions, both parties aim to create a conducive environment for negotiations and resolution.
Meanwhile, National World’s Board has expressed confidence in its standalone strategy. Despite this confidence, they are evaluating Media Concierge’s proposal seriously. After consulting with advisers, the Board has indicated a willingness to recommend the offer if specific terms are met, especially those concerning shareholder commitments. This indicates a potentially favourable shift towards acceptance, provided the offer aligns with the Board’s strategic vision.
Both companies are navigating this significant corporate event with caution and strategic foresight, aiming to balance potential synergies with existing operational strategies. The consideration of shareholder agreements and the mitigation of historical disputes underscore the complexity and high stakes involved in this acquisition process.
The outcome of Media Concierge’s improved offer will likely influence the future direction of National World.
