LONDON – Media Concierge (Holdings) Limited is inching closer to acquiring National World plc following a key development in the takeover process. On Monday, investment firm Harwood Capital LLP committed to supporting Media Concierge’s proposed acquisition of the media company.
Harwood Capital has agreed to vote in favor of the potential acquisition scheme at a price of 23 pence per National World share, involving its 5.3% stake in the company. This irrevocable undertaking is contingent upon the formal offer announcement being made by 8 a.m. on December 23, 2024, among other conditions.
The announcement on Sunday follows a statement issued last week in which National World’s board expressed willingness to recommend Media Concierge’s final improved proposal to its shareholders, should a firm offer be presented. The proposed transaction would be carried out by Neo Media Publishing Limited, a subsidiary wholly owned by Media Concierge.
This move marks a significant step in Media Concierge’s efforts to consolidate its position within the media industry by acquiring National World. The agreed price represents a decisive stance from Media Concierge, which has stated that the financial terms are final but reserves the right to revise the offer if a competing bid emerges.
The support from Harwood Capital is a strategic boost for Media Concierge, potentially influencing other shareholders as the acquisition proposal moves forward. However, the deal hinges on several factors, including the timely release of a formal offer and the absence of intervention from regulatory bodies.
This development is based on a press release statement, which serves as the source of the information reported.
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