National World Plc (LSE:NWOR) had scrapped plans to make a cash offer for Reach plc (LSE:RCH). 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.