The Scotsman owner National World agrees to £65.1m takeover
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The Scotsman and Yorkshire Post owner National World has agreed a £65.1 million takeover by its largest shareholder, Media Concierge. National World has given its backing to an all-cash offer worth 23p a share. Media Concierge, which already owns a 28% stake in National World, runs a raft of local newspapers in Ireland as well as direct mail and advertising operations.
The recommended deal comes after National World rejected a previous potential offer from Media Concierge, worth £56.2 million, or 21p per share, which was put forward last month. Media Concierge has given assurances not to make “material” job losses across editorial and production teams, which account for around two-thirds of employees at National World, or to close any local news brands.
But the firm warned there could be “material job reductions in areas of overlap” across the two companies as it looks to make savings following the deal. It said: “Once National World ceases to be a listed company, a limited number of public company-related functions may become unnecessary and therefore be reduced in scope.
“However, Media Concierge has not yet developed any firm intentions in this regard.”. Media Concierge added: “No proposals have been developed as to how any such reduction will be implemented, but Media Concierge would approach any such plans in an open and transparent manner.”.
