The £65.1m takeover of National World by Media Concierge has been approved by shareholders.
It means that Media Concierge is set to become the new owner of titles including Yorkshire Post and The Scotsman from next month.
In a statement to the Stock Exchange, National World said that 99% of shareholders voted in favour of the move.
The final all cash acquisition by Neo Media Publishing Limited, which is a newly incorporated company wholly-owned by Media Concierge, is for the entire issued, and to be issued, ordinary share capital of National World not already owned by Media Concierge and the Media Concierge Affiliates.
It marks the end to 4 months of speculation about the takeover and marks a considerable increase on the opening price from the Irish group of £56.2m.
READ MORE – £65.1million deal for Yorkshire Post and The Scotsman publisher
Late last year it stated that it didn’t plan to close down any of the news brands or make “material” job cuts in editorial or production.
However, it did outline plans to move National World’s head office from Leeds to London.
Media Concierge was one of the first backers of the publisher and supported its acquisition of JPI Group in 2021. It said that it had made the offer because it was a “strong business” with a “notably strong market position.”
It also believed that the company’s performance “would be enhanced” as a private company.
The Irish Group, owned privately by the Denmark family and led by advertising executive Malcolm Denmark also owns Mediaforce, The Leaflet Company and Iconic Media Group.
National World said that it expected the takeover to become effective on 10th March.
