(Alliance News) - National World PLC on Thursday said it considering mounting a takeover bid for Daily Mirror owner Reach PLC.
National World, a newspaper industry investor and owner of JPIMedia Publishing, said it is in the "early stages of exploring a possible offer" for Reach.
National World says it has not yet approached Reach's board.
In response, Reach said: "The board of Reach confirms that it has not received an approach from National World. The board will issue a further statement if and when appropriate. In the meantime, Reach shareholders are strongly advised to take no action."
Reach owns the Daily Mirror, Sunday Mirror and Daily Express. National World Executive Chair David Montgomery was formerly chief executive of Mirror Group, which later merged with Liverpool Echo owner Trinity to form Trinity Mirror. That tie-up was eventually renamed as Reach in 2018.
Reach shares rose 5.8% to 103.70 pence each in London on Thursday, giving it a market capitalisation of GBP327.8 million. National World ended 1.2% lower at 20.25p for a market value of GBP52.5 million.
By Eric Cunha; ericcunha@alliancenews.com
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National World. (NWOR)
Reach Plc (RCH)