UK's National World drops plans to buy British news publisher Reach (updated)
23/11/2022 11:53
(Adds company comment, details)
Nov 23 (Reuters) - Britain's National World Plc NWOR.L
said on Wednesday it had scrapped plans to make a cash offer for
Reach Plc RCH.L , 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)
((abyjose.koilparambil@thomsonreuters.com; +919986528692))