The acquisition price represents a premium of over 50% to National World’s recent share prices, with a 53.3% premium over the closing price on November 21, 2024, the last business day before the offer period commenced. It also implies an enterprise value of approximately £52.1 million, which translates to multiples of 8.7x statutory EBITDA and 4.6x adjusted EBITDA for the twelve-month period ended June 29, 2024.

National World’s board, advised by Cavendish as to the financial terms, unanimously recommends the offer. Directors holding approximately 8.4% of the issued share capital have committed to vote in favor of the acquisition. Additionally, irrevocable undertakings to support the deal have been received from certain National World shareholders representing approximately 47.6% of the issued share capital.

Media Concierge, a significant investor in National World since its inception, believes the acquisition will maximize shareholder value by enhancing the performance of National World’s business. They aim to support the company’s development, leveraging Media Concierge’s knowledge and capabilities to generate synergies and improve National World’s performance as a private entity.

The acquisition is subject to various conditions, including shareholder and court approval, and is expected to become effective in Q1 2025. If successful, the transaction will result in the delisting of National World from the London Stock Exchange (LON:LSEG) and its re-registration as a private company.

Media Concierge has stated its intention to maintain National World’s focus on regional news and has no plans to sell the company for at least 12 months following the acquisition. The deal is based on a press release statement and is subject to the satisfaction of the conditions set out in the acquisition agreement.

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