Media Concierge Holdings has also set up a newco, Neo Media Publishing, which is the entity that will acquire National World.

The 23.00p per share deal represents a 55.6% increase on National World’s average share price in the six months prior to the original offer made on 22 November.

It values National World’s issued, and to be issued, share capital at £65.1m, or an enterprise value of around £52.1m taking into account £13m of cash on National World’s balance sheet.

The statutory EBITDA multiple for National World’s 12 month period ended 29 June is 8.7x.

Neo Media Publishing has received irrevocable undertakings for approximately 47.6% of the media group’s share capital.

Media Concierge was already National World’s biggest shareholder and had backed the acquisitive group from the outset.

If it takes over the PLC, which publishes more than 100 regional newspapers and websites including the Yorkshire Post, Sheffield Star and The Scotsman, National World will be delisted and taken private.

“Media Concierge believes that National World's performance will be enhanced as a private company under new ownership as part of an enlarged Media Concierge Group,” the company stated.

“Media Concierge also believes that a combination of National World and Media Concierge could generate synergies and that the National World business would benefit from the ability to leverage the knowledge, capabilities and relationships of Media Concierge and its management.”

The deal is now subject to a scheme of arrangement.

The scheme must be approved by shareholders representing at least a 75% majority.

If another bidder steps in with a higher offer or shareholders reject the offer, the whole process could start again.

For calendar year 2023 National World posted sales of £88.4m, with a statutory operating profit of £8m (2022: £8.9m) prior to exceptional costs.

Media Concierge provides media buying and direct marketing services with a focus on local media. It owns Dublin-based Iconic Media Group, which publishes regional newspapers and has 19 local websites in Ireland.

The group also owns The Leaflet Company, The Insert Company and print buying division Printforce. The firm is family-owned, and its major shareholder is CEO and founder Malcolm Denmark.

Media Concierge had sales of £113.3m in the year to 30 September 2023 and made a pre-tax profit of £9.1m.

Shares in National World were at 22.02p at the time of writing after rising to a 52-week high of 22.64p earlier this morning (52-week low: 12.70p).