(Alliance News) – National World PLC said on Wednesday it would recommend Media Concierge Holdings Ltd’s proposed offer to shareholders.
The owner of the Yorkshire Post and Scotsman, based in Leeds, England, said directors had decided to unanimously recommend that shareholders vote in favor of the deal. The two companies have reached an agreement on the terms of the cash acquisition.
The offer of 23.00 pence per share values the company at approximately £65.1 million. National World would be owned by Neo Media Publishing Ltd, a newly incorporated company wholly owned by Media Concierge.
National World shares rose 4.8% to 22.00 pence in London on Wednesday afternoon.
Media Concierge, a UK-based provider of media representation and advertising services, is National World’s largest shareholder, with a stake of approximately 28%.
National World said its directors considered the terms of the acquisition to be “fair and reasonable”.
Explaining its recommendation, the board said it believed the acquisition “may not fully recognize the potential shareholder value that could be generated over the long term if the National World board’s strategy is implemented operates as an independent company.
Despite this, the company said: “The board of directors of National World has concluded that the acquisition is not necessary: ”The board of directors of National World has concluded that, on balance, and after being advised by Cavendish on the financial terms of the acquisition, the terms of the acquisition are fair and reasonable.
National World said the acquisition was expected to be implemented through a court-approved plan of arrangement.
She said she expected the plan to take effect in the first quarter of 2025.
By Michael Hennessey, Alliance News reporter
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