The figure represents a 68% premium on the closing price of Access Plus shares on the last dealing day before it announced an approach back in April. It is also a 22% premium on its closing price yesterday (22 October).

The cash element of the offer, which constitutes a reverse takeover, will be financed partly through 20m acquisition finance facilities provided by HSBC and a placement of 70m new TripleArc shares that will raise 7.9m after expenses.

TripleArc has received binding irrevocable undertakings from parties that own over 45% of Access Plus and also has a non-binding letter of content from a party owning another 7.59%.

Jason Cromack, chief executive of TripleArc, said it was a very positive step for both companies. The print management division of the enlarged group will be in a strong position to capitalise on the opportunities available in the growing market. We will have the benefit of streamlining the way we do business internally and with our suppliers.