It is part of a plan to reduce its debt and gain capital to back plans to grow the business.

Recapitalisation provides us with a tremendous opportunity, said AGT president and chief executive Joseph Vecchiolla.

He said there were no plans to sell Seven and that he saw opportunities across all the sectors that the firm covers - retail, packaging, publications and advertising.

KAGT Acquisition, which launched a plan to acquire the global pre-press group in June, has succeeded in obtaining over 60% of AGTs shares.

In a second step it plans to acquire the outstanding shares.

The firm offered 0.53 (0.85) per share, a 70% premium over AGTs closing price on 12 June.