UK’s National World drops plans to buy British news publisher Reach
(Reuters) -Britain’s National World Plc said on Wednesday it had scrapped plans to make a cash offer for Reach Plc, the British publisher behind the Daily Mirror and Sunday Mirror newspapers.
National World, which invests in news publishing businesses, said it had received financial support to fund a potential deal but decided against making an offer due to unfavourable circumstances, without divulging the specifics.
“While there are considerable industrial and financial advantages to combining the newspaper portfolios of the two companies, the circumstances are not aligned to proceed any further with the possible offer,” National World said in a statement.
Reach did not immediately respond to a Reuters request for comment.
National World said earlier this month it was exploring a possible offer for Reach.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shinjini Ganguli)