Wong, one of the founders of the AIM-listed print management group, stood down last week, shortly after the group issued a profits warning, which led to a slump in its share price.
At the end of June the group said profits for 2005 were unlikely to reach 2004 levels, which resulted in its share price dropping 44% to 10p. It has since dropped further still to 7p.
"Since that drop it has continued to effectively trend downwards, which probably means the market isn't expecting anyone to buy it," the City source said.
Wong, whose son JT is still with the group, is said to have a 15% shareholding.
A TripleArc spokeswoman said that the group was not aware of any bid.
TripleArc not a bid target says one City source
Industry speculation that ex-TripleArc non-executive director David Wong may be positioning himself to make a bid for the group has been dismissed as unlikely by a City source.
