The book and commercial print plc revealed at the end of last week that it was in negotiations that might or might not have lead to an offer being made. It confirmed the identity of the bidder on 4 April and said that the board had accepted the offer and had recommended it to shareholders.

Fulmar chief executive Mike Taylor said the two parties had been discussing a possible tie-up for some time but the process was delayed while CPI chief executive Timothy Bovard completed his MBO of the group (in September last year) and the subsequent reorganisation.

"[Bovard] did say after he finished that that they were acquisitive and looking for opportunities," said Taylor.

Taylor will stay on with the business after the sale, which is expected to be completed in around three weeks' time, and will become joint managing director of CPI UK along with Kevin Kelley.

He stressed that he had no intention to leave the business but realised he needed to secure its future in preparation for his eventual departure.

"I'm 58 and I have control of Fulmar. Even though it's a public company, I own 58% of the business. Any transaction that is going to take place is very much dependent upon me being willing to recommend it to the other shareholders," he said.

"A moment was always going to come when I would have to sell my shareholding which would almost certainly have lead to a full takeover."

Fulmar comprises the flagship colour commercial print business in Croydon, Royle Corporate Print, paperback book plant Bookmarque and jacket and cover printer The White Quill Press. CPI owns CPI Bath (with plants in Bath and Glasgow), Antony Rowe, and paperback plants Mackays and Cox & Wyman.

The combined UK operations of both firms will have sales of £115m and make up around a third of CPI Group's overall revenues.