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| Owner of Scotsman and Yorkshire Post receives buyout bid | Owner of Scotsman and Yorkshire Post receives buyout bid |
| (less than a minute earlier) | |
| Media Concierge submits £56.2m cash offer for National World, underbidder in the auction for the Telegraph titles | Media Concierge submits £56.2m cash offer for National World, underbidder in the auction for the Telegraph titles |
| National World, the owner of the Scotsman and Yorkshire Post and underbidder in the auction for the Telegraph titles, has received a buyout proposal from its largest shareholder. | National World, the owner of the Scotsman and Yorkshire Post and underbidder in the auction for the Telegraph titles, has received a buyout proposal from its largest shareholder. |
| Media Concierge, the biggest player in the Irish newspaper market with 22 local titles including the Derry News, Limerick Leader and Kilkenny People, has submitted a non-binding proposal valuing one of the UK’s biggest regional and local newspaper groups at £56.2m. | Media Concierge, the biggest player in the Irish newspaper market with 22 local titles including the Derry News, Limerick Leader and Kilkenny People, has submitted a non-binding proposal valuing one of the UK’s biggest regional and local newspaper groups at £56.2m. |
| The cash offer by Media Concierge, which is controlled by the media tycoon and racehorse owner Malcom Denmark and owns a UK direct marketing business, represents a 40% premium to National World’s closing share price on Thursday. | The cash offer by Media Concierge, which is controlled by the media tycoon and racehorse owner Malcom Denmark and owns a UK direct marketing business, represents a 40% premium to National World’s closing share price on Thursday. |
| The proposal to take the business private fuels doubt about whether National World will be able to compete for the Telegraph should the preferred bidder, the New York Sun owner Dovid Efune, fails to secure financing before exclusivity expires at the end of the month. | The proposal to take the business private fuels doubt about whether National World will be able to compete for the Telegraph should the preferred bidder, the New York Sun owner Dovid Efune, fails to secure financing before exclusivity expires at the end of the month. |
| London-listed National World, which is run by the former Daily Mirror executive David Montgomery, acquired the parent company of the Scotsman, Yorkshire Post and more than 100 titles, including the Sunderland Echo and Sheffield Star, for just £10m in 2020. | London-listed National World, which is run by the former Daily Mirror executive David Montgomery, acquired the parent company of the Scotsman, Yorkshire Post and more than 100 titles, including the Sunderland Echo and Sheffield Star, for just £10m in 2020. |
| Media Concierge, which owns 28% of National World, said its offer represented a “highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash”. | Media Concierge, which owns 28% of National World, said its offer represented a “highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash”. |
| In an internal email seen by the Guardian, National World said it is “currently in the process of considering the offer” and that it is “business as usual”. | In an internal email seen by the Guardian, National World said it is “currently in the process of considering the offer” and that it is “business as usual”. |
| However, in the announcement on Friday, National World said its board and the publisher’s advisers had not made a meaningful response to the potential offer. | However, in the announcement on Friday, National World said its board and the publisher’s advisers had not made a meaningful response to the potential offer. |
| “Since the proposal was submitted to the National World board 22 days ago, Media Concierge has made every effort to engage privately with National World and its advisers, but has had no substantial engagement to date,” the company said. | “Since the proposal was submitted to the National World board 22 days ago, Media Concierge has made every effort to engage privately with National World and its advisers, but has had no substantial engagement to date,” the company said. |
| The company “encouraged” other shareholders to get National World to “engage constructively”. | The company “encouraged” other shareholders to get National World to “engage constructively”. |
| “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,” the company added. | “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,” the company added. |
| Media Concierge, which used to have a contract with National World to sell its national advertising, voted against the re-election of Montgomery at the last shareholder meeting. | Media Concierge, which used to have a contract with National World to sell its national advertising, voted against the re-election of Montgomery at the last shareholder meeting. |
| In 2012, Montgomery founded Local World, striking deals to bring together 110 titles run by the regional arm of the owner of the Daily Mail and Iliffe News & Media, including the Leicester Mercury, Bristol Post and Cambridge News. | In 2012, Montgomery founded Local World, striking deals to bring together 110 titles run by the regional arm of the owner of the Daily Mail and Iliffe News & Media, including the Leicester Mercury, Bristol Post and Cambridge News. |
| The company was acquired by Reach, owner of the Mirror, Star and Express titles, for £220m in 2015. | The company was acquired by Reach, owner of the Mirror, Star and Express titles, for £220m in 2015. |