National World PLC (LSE:NWOR) shares moved higher on Friday after the announcement of a final improved takeover proposal from Media Concierge Limited, which now offers 23p per share to buy the local newspapers business.
The board of National World – which owns The Scotsman and The Yorkshire Post among other regional publications - has indicated that it is inclined to recommend the proposal to shareholders should it be formally presented.
National World, in a statement, the noted, “The board has great confidence in National World's strategy for value creation as an independent business and is excited by the company's prospects.
“This notwithstanding, the board has concluded, after consulting with the company's advisers and counsel, that it would be minded to recommend the final improved proposal if a firm offer was made to the company's shareholders on these terms.”
In London, National World shares rose around 7.5% to trade at 20.43p, still beneath the 23p proposal price, and giving a market valuation of around £55 million.