BPI still claims Macfarlanes offer is unattractive despite its rival raising its bid to 310p per share.
Macfarlane said it had secured irrevocable undertakings of acceptance for 12.4% of BPIs issued share capital.
The BPI board said Macfarlanes revised offer still did not take into account the value created by BPIs restructuring programme.
It also claimed the new offer would be highly tax inefficient for many of BPIs private shareholders and recommended shareholders to reject it.
BPIs board will visit its institutional shareholders over the next few days to try and secure their support.
This latest takeover twist was prompted by last weeks surprise offer by BPI to buy back 30% of its shares for around 35m, pricing them at 320p (PrintWeek, 24 November).
Have your say in the Printweek Poll
Related stories
Latest comments
"And here's me thinking they bought the Docklands Light Railway."
"15 x members? Why don't they throw their lot in with the Strategic Mailing Partnership (SMP) and get a louder voice?"
"Some forty plus years ago I was at a "sales" training seminar and got chatting to the trainer after the session had finished.
In that conversation he told me about another seminar he had..."
Up next...
Further breathing space
'Serious group' interested in Highcon, new deadline set
Automation welcomed
Colourbridge enhances efficiency with new Duplo multi-finisher
New business unit includes OpSec
