Website thisislondon reported that St Ives advanced 19.25p to 382.25p yesterday as dealers heard that an earnings enhancing acquisition could be on the agenda and tipped Wyndeham as the target.

The Independent attributed "vague speculation" of a bid for St Ives itself to the shares rising 5.3%.

St Ives shares slipped back 2.16% to 374.00p today.

Meanwhile shares for Wyndeham Press Group increased by 2.6% to 118.50p.

One print industry analyst said the speculation was "complete bollocks".

"If St Ives were attempting to make an offer for Wyndeham, its shares should be sky high," he said.

The analyst pointed to the day's trading, which he said showed that only 75,000 shares had been traded in St Ives, which has a 103m share issue.

"Its just people looking to make little bargains, and the media trying to make something out of it," he said.

The speculation of a bid by St Ives is one that has surfaced in the past, and the analyst said every time it surfaces the same statement are then issued.

One print boss commented that both companies were needing and wanting to invest, so if the two were put together, only half the money would need to be spent.

Neither St Ives or Wyndeham were available for comment.

Wyndeham releases its year-end results next week.

Story by Andy Scott