Takeover of News Letter owner National World, by Media Concierge, approved by High Court
The takeover of regional news publisher National World – owner of the News Letter – 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 News Letter, the Yorkshire Post and the Scotsman, have backed the transfer, the company's lawyer Andrew Thornton KC said at a hearing yesterday.
In written submissions, Mr 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 objections2.
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.
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.
“We believe there is significant potential for growth and renewal with the right focus and investment.”