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National World PLC on Wednesday said it will recommend a proposed offer from Media Concierge Holdings Ltd to shareholders. The Leeds, England-based owner of the Yorkshire Post and the Scotsman said directors had decided to recommend unanimously that shareholders vote in favour of the deal. The two companies have reached agreement on the terms and conditions of the all-cash acquisition. The offer of 23.00 pence per share values the firm at around £65.1 million. National World would be owned by Neo Media Publishing Ltd, a newly incorporated company wholly-owned by Media Concierge. Shares in National World climbed 4.8% to 22.00 pence in London on Wednesday afternoon. Media Concierge, a UK-based media representation and advertising services provider, is the largest shareholder in National World, with an around 28% stake. National World said its directors consider the terms of the acquisition to be ‘fair and reasonable’. Explaining the recommendation, the board said it believes the acquisition ‘may not fully recognise the potential shareholder value which may be generated in the longer term should the National World board’s strategy be implemented as an independent company’. Despite this, the company said: ‘The National World board has concluded that, on balance, and after having been so advised by Cavendish as to the financial terms of the acquisition, that the terms of the acquisition are fair and reasonable.’ National World said it is intended that the acquisition be implemented by a court-sanctioned scheme of arrangement. It said it expects the scheme to become effective in the first quarter of 2025. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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