THE takeover of news publisher National World by marketing business Media Concierge has been approved by a High Court judge.
Media Concierge, which owns a number of Irish publications, already has 27.8% of National World’s shares.
It offered to pay £65.1 million for the remainder, which represents a 53.3% premium to National World’s closing share price from November 21 2024, the last business day before the beginning of the offer period.
The shares will be transferred at 23p each to Neo Media Publishing, a vehicle for Media Concierge to receive them.
National World’s directors, who oversee a number of historic UK publications including the Yorkshire Post and the Scotsman, have backed the transfer, the company’s lawyer Andrew Thornton KC said at a hearing on Thursday.
In written submissions, Thornton said the directors gave “irrevocable undertakings to support the scheme”.
He also said that at a meeting in London on February 13, “no scheme shareholders asked any questions or raised objections”.
A total of 26 of the 77 scheme shareholders attended the meeting, representing 67.9% of the total value of National World’s shares, with 25 voting in favour.
Thornton added that trading in National World’s shares has been illiquid, meaning they are difficult to sell without a loss in value.
The company therefore “concluded that the scheme presents an attractive opportunity for the shareholders to realise their holdings”.
The barrister continued: “The directors of the company have confidence in the company’s continuing ability to succeed as an independent business.”
In approving the scheme, Justice Hildyard said: “I consider that this scheme can and should be sanctioned. I say order.”
After the hearing, Media Concierge welcomed the High Court decision and confirmed that the formal transfer of ownership will take place on May 27.
Malcolm Denmark, Media Concierge’s chief executive, said: “The formal approval of the transaction marks the final step in the process, and we are pleased to be moving forward.
“National World is home to some of the UK’s most respected and long-established regional media, and we believe there is significant potential for growth and renewal with the right focus and investment.
“As a long-term investor in the business, and with extensive experience managing local and regional news brands in Ireland, we understand both the challenges and the value of high-quality, community-based journalism.
“We greatly appreciate the dedication and professionalism shown by National World’s teams throughout this period.
“Their commitment has ensured the business remains on a strong operational footing.
“We now look forward to working together to support and strengthen the business in what we believe can be an exciting new chapter.”
