2 minute read | December.18.2024
Orrick is advising National World plc (LON: NWOR) in connection with a recommended final* cash offer for its entire issued and to be issued share capital by Neo Media Publishing Limited, a newly incorporated company wholly-owned by Media Concierge (Holdings) Limited.
The acquisition values National World's entire issued, and to be issued, ordinary share capital at approximately £65.1 million on a fully diluted basis, and implies an enterprise value of approximately £52.1 million.
National World's principal activity is to operate in the news publishing sector. National World provides news and information services in the United Kingdom through a portfolio of multimedia publications and websites and operates a portfolio of print and digital publications providing advertisers with a range of market access points and readers with local content.
Media Concierge has operations across the United Kingdom and Ireland in print and digital publications, advertising and logistics. Established as Mediaforce in 1985, Media Concierge has played an active role in the progression of local media companies in the United Kingdom.
The Orrick team previously advised National World on its London Stock Exchange Main Market SPAC IPO in 2019, and subsequent reverse takeover of JPI Group (with titles including the Yorkshire Post, Liverpool Echo and The Scotsman) and re-listing in 2021.
The Orrick team is led by Ed Lukins and includes Ed Dyson, Charlie Sheldon, Natasha Ahmed, Sushila Nayak, Victoria Newbold, Jonathan Rosen, Sarah Stockley, Harriet Foster, Joel Othen-Lawson, Rebecca Clements, Klaudia Mach, Emma Zarb, Lucy Mann, James Edwards, and Milo Dunne.
*The financial terms of the Final* Cash Acquisition are final* and will not be increased, save that, in accordance with Rule 2.5(a)(ii) of the Takeover Code, Media Concierge reserves the right to revise and increase the financial terms of the Final* Cash Acquisition where a third party announces a possible offer or firm intention to make an offer for National World on better terms than the Final* Cash Acquisition.