De La Rue has received a preliminary takeover offer from the same group of investors which in December made a bid for up to 40% of the UK banknote printer.
Disruptive Capital GP and Pension SuperFund Capital have made a preliminary conditional cash offer of £1.25 a share, a 22% premium on De L Rue's Wednesday closing price.
In December, the investors floated a possible partial offer for up to 40% of De La Rue at the same share price.
Any deal is conditional on the completion of a previously announced agreement to sell its authentication business to Crane NXT for £300 million.
De La Rue is more than 200 years old but has been on the skids in recent years thanks in large part to the rise of digital payments.
In 2023, the firm warned that demand for banknotes was been at the lowest levels for over 20 years - when central banks stockpiled notes for fear of the millennium bug - resulting in a low order book going into FY24.
In an update, the company says its board is "considering its options" and that discussions with other parties continue to progress.
Disruptive Capital and Pension SuperFund now have until 6 February to announce a firm intention to make an offer.