While details on the potential buyer are sketchy, PMP said in a statement to the ASX today it had received “a highly conditional non-binding indicative offer for the purchase of PMP in a range between $0.68 to $0.78 cents per share”.

The company adds its directors are considering the approach and will keep the market informed.

However news of the potential buyout spurred ASX investors, with the share price jumping from 25 cents this morning, to 58 cents before close of business.

The buyout offer comes just a day after PMP lowered the expectations of its full year forecast, with the company citing deterioration of demand from retail and publishing markets.

PMP expects its full year EBIT (before significant items) to be in the range of $30m to $33m and net debt is likely to be in the vicinity of $150m to $155m

PMP executives including: chairman Ian Fraser, CEO Richard Allely, and CFO Geoff Stephenson were unavailable for comment at the time of publication.

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