Media Concierge Proposes £56.2 Million Acquisition of National World Shares

2 min read | November 22, 2024 08:01 AM PST | By Team Kalkine Media

Media Concierge Proposes £56.2 Million Acquisition of National World Shares — Image source: shutterstock

Details of the Possible Offer

The proposed cash offer of 21 pence per share represents a substantial premium for National World shareholders:

40% above the closing price of 15 pence per share on November 21, 2024.
37% higher than the three-month volume-weighted average price of 15.3 pence.
42.1% above the six-month volume-weighted average of 14.8 pence.
16.7% higher than the 52-week high of 18 pence.

The offer’s enterprise value multiple stands at 7.2x statutory EBITDA and 3.8x adjusted EBITDA for the 12 months ending June 29, 2024. This valuation is positioned significantly above recent transaction multiples within the UK regional newspaper sector and the trading multiples of peers like Reach PLC.

Lack of Engagement from National World Board

Despite submitting the proposal 22 days ago, Media Concierge states that it has yet to receive substantive engagement from National World or its advisers.

Media Concierge believes the offer provides an attractive opportunity for National World shareholders to realize significant cash value for their investments. In light of the Board’s lack of response, the company has chosen to make the proposal public, encouraging shareholders to prompt the Board toward constructive dialogue.

Conditions and Next Steps

Media Concierge is prepared to move forward with a formal Rule 2.7 offer, contingent upon:

A recommendation from the National World Board.
Completion of confirmatory due diligence.
Irrevocable undertakings from National World directors regarding their shareholdings.

The company urges the Board to engage promptly to progress the offer, which it views as a highly deliverable opportunity for shareholders.

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