The initial approach was made by Ian Gibson, the chairman of Trinity Mirror, to his opposite number at Mecom, Alasdair Locke, at the end of last year.
Trinity Mirror, which publishes national titles and over 200 regionals, and Mecom, whose newspapers operate in countries including the Netherlands and Poland, have both struggled to adapt their respective businesses to an increasingly digital world.
In July 2010 and its sister titles.
It is thought the outgoing chief executive of Mecom, David Montgomery, was key to rejecting the approach of the all-share merger. Montgomery is due to leave Mecom at the end of January.
Montgomery presided over the closure of a number of Mecom newspaper titles and job losses, and was previously editor of The Daily Mirror.
Trinity Mirror's proposal, despite being rejected, means it could seek a further merger partner as it grapples to secure its financial future.
Trinity Mirror said it never commented on market speculation and rumour.
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