Media Concierge says it has submitted a £56.2m takeover offer to Yorkshire Post and The Scotsman publisher, National World.
The group, which owns companies including Mediaforce, The Leaflet Company and Iconic Media Group said it first made the approach on 31st October.
Media Concierge currently owns 27.9% of National World and the offer of 21p per share is 40% higher than last night’s closing price.
In today’s statement the privately-owned Irish firm said the offer “provides a highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash.”
However, it added that since the proposal was submitted 22 days ago:
“Media Concierge has made every effort to engage privately with National World and its advisers, but has had no substantive engagement to date.”
It continued that it believed it was 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.”
It’s a turn of events for National World, which was established as a media investment vehicle by David Montgomery and in recent years has been the acquirer of print companies. After buying JPI Media, it was linked with both Telegraph Media Group and Reach.
The listed company has not made a comment on today’s statement.
Media Concierge will have until 5pm on 20 December 2024 (28 days after the date of today’s announcement), to either announce a firm intention to make an offer for National World or confirm that it doesn’t intend to.
The group is privately owned by the Denmark family. Malcom Denmark, an advertising exec, established Mediaforce UK in the 80s to represent media owners to ad agencies, mainly the regions. He owns 75.2% of the company, with his family owning the remaining shares.
