Tangent withdrew its £40m bid for TMN in April which would have valued TMN shares at just 50p as part of a deal that included cash and an issue of Tangent shares.

However, it has now emerged that TMN chief executive Mark Smith and chief financial officer Craig Dixon have made a £52.8m cash offer for the company, backed by private equity firm August Equity.

In a statement to the London Stock Exchange, TMN said: "The independent non-executive directors of TMN Group confirm that talks regarding an offer for the company are ongoing and they have received an indicative cash offer of 70p per share from funds advised by August Equity LLP working together with the executive directors of the Company, Mark Smith and Craig Dixon.

"The independent non-executive directors are working constructively with August Equity, however the indicative offer remains subject to satisfactory due diligence and therefore there remains no certainty that a formal offer will be made, nor as to the terms on which any offer might be made."

Other companies reported to be interested in buying TMN include newspaper giant Trinity Mirror.

TMN shares have risen nearly a third since last week's close.