Rival managers at Adare are firming up bids to snatch control of the 18-company group, with finance director Peter Lynch claiming to enjoy the support of an army of loyal managers.
Lynch, who made an approach for the firm a month ago, is said to be backed by around 100 managers. Chief executive Nelson Loane countered more recently by announcing he too would fight to take over the group.
Adare is worth around 62m but analysts said the bids would push this to over 163m. Formal offers are expected after mid-Junes full-year results.
Lynch, a former stockbroker, said he had support from many managers but would not confirm the exact amount. His right-hand man is Mark Scanlon, head of corporate development.
Lynch said he would make the firm private, push equity down to the subsidiaries and management team, invest heavily in IT and give more control to company managers.
"Nelson is a cracking guy and I like him but this not an emotional issue, it is about money," said Lynch, who is backed by Mercury Private Equity, which is controlled by Merrill Lynch.
He would not comment on analysts forecasts that Adare would be rationalised. "Im not talking about selling companies. We will acquire, settle the firm for a year and put through the culture change. This will be collegiate, with partners and colleagues, rather than hierarchical."
Nelson Loane and Adare refused to talk to PrintWeek. He is also believed to favour pulling out of the stock market. He owns around 10% of the 1,600-staff giant, which controls 13% of the UK print-on-demand sector.