Bluestar Group says it has received an offer to acquire all of the business.
The struggling printing company says it cannot disclose the details of the offer, but it reflects the difficult trading and economic conditions affecting the print industry.
The group expects to enter a conditional agreement to sell its Rapid Labels division in coming days, and is looking at selling all or parts of the business, after receiving other approaches
Last October bondholders approved a restructure of Bluestar's debt.
The package included $15 million in new funding by the group's principal shareholder, extension of existing funding lines and the easing of banking covenants.