"We were approached by Scorpio and asked whether we were interested," he said.
"We are talking, we will wait and see what develops. But what the future is I don't know."
Scorpio chief executive Ian Whitfield (pictured) announced he was eyeing up potential acquisitions in June this year, after increasing staffing levels by 25%.
This came after a considerable surge in the business following Whitfield's MBO with sales director Daniel Graham in September last year.
Billett said one factor he had to take into account was the fact that his co-partner, works director Trevor Reynolds, had been diagnosed as terminally ill at the beginning of the year.
Senator is celebrating its 30th year of business, and was itself the subject of an MBO in July 2000.
The firm employs 54 staff at its 3,000m2 Leicester plant, and has a turnover of around 2m.
Its clients include Vertis, Mail Marketing and Linney Print.
Both Senator and Scorpio are strategic supplier alliance partners to Polestar.
Established in 1987 by founder and former chairman David Richmond, Scorpio employs more than 200 staff at its 7,432m2 plant in Leeds. It has a turnover of 10m.
No one was available for comment at Scorpio.
Story by Andy Scott
