London-based marketing, leafleting and news publishing firm Media Concierge (Holdings) Limited announced it submitted a “non-binding” takeover proposal to the board of David Montgomery’s National World, owner of The Scotsman, Yorkshire Post and numerous other regional news titles and platforms in the UK and Ireland.

Media Concierge said that under the terms of its possible offer, National World shareholders would receive 21p per share in cash and that the possible offer values National World’s ordinary share capital at £56.2 million, and implies an enterprise value of £43.2 million.

It said the possible offer represents a premium of 40% to the closing price of 15p per National World share on November 21. National World shares rose about 28% to around 19p — still below the possible 21p offer price.

Media Concierge already owns a 25.5% stake in National World, according to National World’s website, which also says Edinburgh investment firm Aberforth Partners own 19.43%, Alasdair Locke owns 9.88%, David Montgomery owns 7.41%, Rockwood Strategic Plc owns 5.07% and Axiom Media Holdings Ltd owns 5%.

Media Concierge owns businesses that include The Leaflet Company, The Insert Company, Printforce, Media Force, Iconic Media Group, DataLab, 1XL and The Magazine Business.

“The proposal is in respect to a possible offer for the entire issued, and to be issued, share capital of National World not already owned by Media Concierge, its affiliates and persons acting in concert with it, representing 72.2 per cent. of the issued share capital of the company …” said Media Concierge.

“Since the proposal was submitted to the National World Board 22 days ago on 31 October 2024, Media Concierge has made every effort to engage privately with National World and its advisers, but has had no substantive engagement to date.

“Media Concierge believes that the Possible Offer provides a highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash.

“Media Concierge believes that it is in the best interest of all National World shareholders that the Possible Offer be made public to provide them with the opportunity to consider the proposal, and encourages shareholders to urge the National World Board to engage constructively with Media Concierge.”