Media Concierge is looking to buy National World PLC in a £56million deal which would see The Scotsman and Scotland on Sunday change hands.
The independently owned media group said this morning that it approached National World on October 31st over a deal worth 21 pence a share in cash.
The price is a 40% premium to National World's closing price of 15 pence on Thursday and puts an enterprise value of £43.2million on the company.
Media Concierge, together with its affiliates and persons acting in concert with it, currently own 72.2% of National World's issued share capital.
Since the proposal was submitted to the National World board, Media Concierge said it has made every effort to engage privately with National World and its advisers, but has had no substantive engagement to date.
Media Concierge has urged the National World board to engage constructively “without delay”.
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