National World, owner of The Scotsman newspaper, is recommending a £61.5m takeover offer from Irish publisher Media Concierge.

A final improved cash proposal of 23p per National World share will be supported despite the National World board saying it has great confidence in its strategy.

National World and Media Concierge have also agreed to a temporary halt in legal proceedings relating to an Investigation into disputed invoices.

The deal, if concluded, will mean The Scotsman titles have had four owners in the past six years. The group also includes big city titles such as the Yorkshire Post and Sunderland Echo, as well as local titles such as the Falkirk Herald.

Following the administration of Johnston Press in 2018 it was acquired by JPI Media, a consortium of fund managers, and then in 2020 by National World, a vehicle set up by former Mirror Group executive David Montgomery.

In a statement today it said it had confidence in its capacity 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.”