National World shareholder Media Concierge has said it tabled a £56.2 million takeover approach for the Yorkshire Post owner.
Media Concierge, which runs a raft of newspapers in Ireland as well as direct mail and advertising operations, put forward a potential offer of 21p per share for National World on October 31.
This represents a 40% premium against the firm’s share price at the close of trading on Thursday November 21.
The suitor, which owns a 28% stake in National World, said it believes this “provides a highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash”.
National World has been contacted for comment.
Derry News owner Media Concierge said it “has made every effort to engage privately with National World and its advisers” but has not yet received any substantive response.
It called on other shareholders in National World to push for greater engagement over the potential offer.
The potential buyer is among the original backers of National World, after it was set up as a media investment vehicle by former Mirror Group chief executive David Montgomery in 2020.
Later that year, National World snapped up regional newspaper publisher JPI Media for £10.2 million, in a move which saw it take control of The Yorkshire Post, The Scotsman and dozens of other titles.
It has since been linked to other major acquisition deals and was among bidders to buy the Telegraph Media Group earlier this year.
In August, National World revealed that group revenues grew 17% to £48.8 million for the first half of 2024, as it also increased its profits for the period.
