The package is split equally between Quebecor Inc and Brookfield-managed Tricap Partners. Under the deal, £100m would be paid immediately, while the other half would be paid at the end of March.

It would still need to be approved by the company's bank partners, but rejection could plunge the printer into bankruptcy protection.

If accepted, it will result in an equity share between 50% and 70% in Quebecor World, which could fuel resistance from existing shareholders, including its bank syndicate.

Quebecor Inc has a 35.5% equity in the print company, but owns 84.5% of controlling shares.

The offer comes ahead of the 15 January deadline for Quebecor World to find £63m, and will help the firm meet its other obligations under the terms of its agreement with creditors to waive certain financial covenants, including reducing its credit facility to £253m by the end of February and repaying the balance by the end of June.

Quebecor Inc has not specified how it intends to raise the £100m.

Quebecor World has said it will review the offer "in the coming days".