Media Concierge has issued a “final” and improved offer to acquired National World.
The Irish group initially submitted a £56.2m bid for the publisher in October at 21p per share.
It’s now returned with a 23p per share proposal.
The company, which owns 27.9% of National World, said it had also provided written assurances to the publisher “regarding its intentions for the company” should the acquisition go through.
The “Final Improved Proposal” is subject to a number of pre-conditions “which may be waived in whole or in part by Media Concierge, including the recommendation of the National World Board and the receipt of irrevocable undertakings from the directors of National World in respect of their shareholdings in the Company and irrevocable undertakings from certain of National World’s largest shareholders, in a form acceptable to Media Concierge.”
In an update this morning, National World’s Board said it “has great confidence” in “its strategy for value creation as an independent business and is excited by the Company’s prospects.”
“This notwithstanding, the Board has concluded, after consulting with the Company’s advisers and counsel, that it would be minded to recommend the Final Improved Proposal if a firm offer was made to the Company’s shareholders on these terms.”
The 2 companies have also agreed to a temporary halt in legal proceedings relating to an investigation into “a potentially systemic pattern of historical invoicing irregularities in relation to the activities of entities affiliated with Media Concierge.”
National World said in November that it had started an investigation on 2 October stating that “entities affiliated with Media Concierge are currently inappropriately withholding revenues due to the Company totalling £4.4 million.”
