Riva, which owns a 15.3% stake in RSDB said last week (7 April) that it had started to prepare a voluntary public offer to buy out RSDB's remaining shareholders, in a deal that values the printing firm at €41.13m (£36.27m).

RSDB chief executive John Caris said in a statement that his company would enter into further discussions with Riva in order to learn more about its intentions. Caris was unavailable for further comment at the time of writing.

Shares in RSDB reacted by rising a third to €15.40 at one point on the morning of the announcement and closed that day at €11.50. As of the close of trading on 12 April, the share price was €13.75.

Last November, RSDB announced it was to cut an additional 100 jobs as it continued to experience over-capacity and pressure on margins.

The group was already in the process of making 450 staff redundant, equivalent to 20% of its workforce.

At the time, Caris reaffirmed his commitment to pan-European consolidation in print, hinting that a deal, possibly involving the group, could be nearing.

Market circumstances have moved on and accelerated the need for consolidation, however, due to the lack of finance, the only solution is a merger rather than an acquisition, he said.