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.
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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.