Shares in printer, publisher and direct marketer PMP more than doubled in value after the company received a takeover offer worth up to $252 million.

PMP informed the market on Friday it had received a conditional, non-binding indicative take-over offer in the range of 68 cents and 78 cents per share.

With about 323.8 million shares on issue, the offer values PMP at between $220.2 million and $252.5 million.

The source of the offer was not named.

PMP shares began Friday valued at 25 cents, and gained 37 cents on the news to close at 62 cents, their highest point almost six months.

Earlier this week, PMP slashed its earnings forecasts for the 2011/12 financial year and ramped up its cost-cutting program amid challenging trading conditions.

PMP expects its full year earnings before interest and tax (EBIT) and significant items to be between $30 million and $33 million, down from the previous guidance of $43 million to $47 million.

The company says it also expects to have between $150 million and $155 million in net debt at June 30.

PMP prints and distributes magazines and catalogues, and includes the Griffin Press book company and Gordon and Gotch magazine company.