The Oldham-based firm prints the British passport and also produces giro cheques.
"I believe that the owners have received an unsolicited offer and are seeking to see if there is any further interest," said SPS director Ivan Wells.
German owner Authentos is selling the company to pay off its remaining debts and NM Rothschild has been appointed to run the auction. Authentos' portfolio of security products include laser technology and digital signatures.
SPS was previously owned by the Government until it was privatised in 1996. Electra Partners Europe and Apax Partners were previous owners of the business.
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