It has retained Merrill Lynch to assist in evaluating ways to enhance shareholder value that includes the sale of parts of or the entire firm.

But according to Michelson the firm still believes that its restructure announced last week will deliver the necessary improvements.

"Our board and management remain confident that given the strategic direction we have established and the initiatives we announced on October 6, we will provide increasing earnings," said Michelson. "Nevertheless, Creo's board and management are evaluating all alternatives for maximising shareholder value. Any action pursued by the company will be in the best interests of all shareholders."

Analysts were less sure. "Our perspective on last week is it's largely cosmetic and it should have done it a long time ago," said Canaccord Capital research associate Matthew Feldman. He added that following Burton's move there was going to be a "full on fight" for control of Creo and others may enter the fray.

A committee of independent directors to review its options back in was set up in July to consider acquisitions, alliances, resale arrangements and the sale of some or all of the firm, although this was not revealed until today.

Story by Barney Cox