Regional newspaper publisher National World is preparing a takeover bid for Daily Mirror publishers Reach PLC.

In a message sent to National World shareholders the company referred to “press speculation” surrounding a potential deal, before confirming: “that it is at the early stages of exploring a possible offer for the entire issued and to be issued share capital of Reach.”

The statement added National World “has not yet approached the Board of Directors of Reach with regards to the possible offer.”

The announcement marked the start of the legally mandated one-month ‘offer period’, giving National World until 1 December to either announce a ‘firm intention’ to make an offer for Reach or formally withdraw its interest.

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Founded in 2019, National World acquired 13 former JPIMedia titles including The Yorkshire Post, The Scotsman, The Portsmouth News, The Derry Journal and The Sheffield Star. National World owner David Montgomery previously oversaw more than 100 UK regional newspapers which were sold to Reach Plc in 2015.

Reach PLC has more than 130 national and regional brands across print and online, including the Daily Mirror, Daily Star, Express, Liverpool Echo and OK! magazine.

Industry insiders and Reach staff told Better Retailing they were ‘shocked’ by the announcement. “There’s been absolutely no talk of a takeover,” said one Reach employee. A senior newspaper industry source said: “I’ve heard absolutely nothing, it all sounds very strange. I’m completely shocked.”

Shares in Reach PLC closed nearly 6% up following the announcement.

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