David Montgomery’s National World plc, owner of The Scotsman, Yorkshire Post and numerous other regional news titles and platforms in the UK and Ireland, has agreed to a takeover proposal from Media Concierge (Holdings) Limited, its largest shareholder.
The Media Concierge takeover offer is priced at 23p per National World share in cash, a 53.3% premium to the closing price of 15p per National World share on November 21, the last business day before the commencement of the offer period.
The acquisition values National World’s entire issued, and to be issued, ordinary share capital at £65.1 million on a fully diluted basis, and implies an enterprise value of £52.1 million.
Media Concierge is a London-based marketing, leafleting and news publishing firm. It already owns a 25.58% 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.