Valpak members will vote on its future ownership in January, the company has announced.
The packaging compliance company, which had hoped to secure a deal before Christmas, said full details of the offer would be sent to existing members of its compliance schemes on 5 January.
Members, who are also the legal owners of the company, will then vote on the deal at a general meeting on 26 January.
A Valpak statement said: “As was previously reported, a number of unsolicited expressions of interest have been received and therefore the existing process was suspended. This was to allow time to consider these other expressions of interest in the best interests of the membership.
“Conclusions to this process have been reached and the court has approved the revised offer to be put to the membership in the New Year.”
The company’s future has been mired in uncertainty since a group of directors proposed a management buy-out during the summer.