Green, who was one of the architects of the ITV merger alongside Charles Allen only to be ousted as chairman designate on the eve of the merger, is understood to have made an indicative offer of about 250p a share, according to a report in The Times this morning.
Last week, when St Ives reported its full-year results, it said nothing more about an approach it had received from a mystery bidder, now revealed to be Green, on September 28, only that there was no certainty of a bid.
The print company, headed by chairman Miles Emley, posted figures that were "slightly better" than some City analysts had expected in the 12 months to July 28 2006.
Of the bid, Emley would only say that the group was "not permitted" to give any further detail at that stage. News of the approach sent the firm's share price up by a sixth to 260p.
It reported sales down 4.3% at £401.3m and profit before tax was up £2.4m on 2005 at £22.6m. Underlying profit before tax, restructuring and provisions, however, was down from 2005's £38.2m to £21.7m.
According to The Times, Green will use Tangent Communications, his £17m AIM-listed company, as the bid vehicle and would become chairman of the company, meaning that Emley would be out.
St Ives is known as the UK's largest small-run printer and prints magazines including Vogue and Tatler. A sale of St Ives to a private company would also mean the removal from the stock market of another major print PLC, following Wyndeham and Fulmar this year, leaving Communisis as the only major quoted printer.
Green was ousted from ITV by Anthony Bolton, the Fidelity fund manager nicknamed "the quiet assassin". He walked away with a £15m payoff in January 2004.
Last month, St Ives lost its second high-profile director this year with the departure of St Ives Direct managing director Dave McGolpin. He was behind the direct mail arm of the group. His departure followed that of web director David Emeny in May.
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