National World in early stages of exploring offer for Reach

National World confirmed late on Thursday that it was in the early stages of exploring a possible offer for larger rival Reach.

Responding to press speculation, the owner of the Scotsman and Yorkshire Post said it had not yet approached the board of directors of Reach about the possible offer.

In a separate statement, Reach, which publishes the Daily Mirror and Sunday Mirror, said it had 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," it said.

At 0815 GMT, Reach shares were up 4% at 107.90p.