The owner of the Daily Express and Daily Mirror newspapers has become the target of a possible takeover offer
The owner of the Daily Express and Daily Mirror newspapers has become the target of a possible takeover offer.
National World, an investment vehicle controlled by former newspaper executive David Montgomery, said last night it was considering a possible bid for Reach, although it has yet to approach the company directly.
Reach confirmed it has yet to receive a direct approach from National World. Montgomery was previously the boss of Mirror Group – taking over in 1992 following the death of its notorious former owner Robert Maxwell – before stepping down in 1999.
Mirror Group then merged with Trinity to become Trinity Mirror before renaming itself Reach in 2018.
The firm faces a difficult time with its share price tumbling by 63pc so far this year as it struggles to boost readership while grappling with surging printing costs for its newspapers.
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