Regional publisher National World is edging closer to new ownership after would-be buyer Media Concierge upped its takeover bid.

Media Concierge, controlled by Mediaforce owner Malcolm Denmark, left, has increased its recent offer of 21p per share to 23p a share, valuing National World at 61.5m.

The board of National World has said it is minded to recommend the bid to shareholders so long as a firm offer is tabled.

Media Concierge currently owns 27.8pc of National World’s share capital, having been among the company’s original backers when it was first set up in 2019, and is bidding to acquire to 72.2pc it does not already control.

National World said in a statement: “National World confirms that on 3 December 2024 it received a final improved proposal from Media Concierge at a price of 23 pence per National World share in cash.

“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.

“This announcement is made with the consent of Media Concierge. There can be no certainty that any offer will be made even if the pre-conditions are satisfied or waived and National World shareholders should take no action at this stage. A further statement will be made as and when appropriate.”

The two companies have also agreed to a temporary halt in legal proceedings relating to a National World investigation into what it previously called “historical invoicing ireregularities” which are understood to relate to the period when Mediaforce was handling the group’s national advertising.

As well direct mail and advertising operations, Media Concierge runs a raft of newspapers in Ireland including the Derry News.

National World was established by its executive chairman David Montgomery before purchasing JPIMedia at the start of 2021.

It owns 13 regional daily titles and including the Yorkshire Post, The Scotsman, the Portsmouth News and Sheffield Star.