Two competing bids have been made for JPIMedia ahead of a deadline this week, according to reports.
The latter bid is said to come from a consortium involving Mr Montogmery’s National World investment vehicle National World and turnaround investor Endless.
Rcapital Partners took a majority stake in Archant in August and has since been touted as a potential bidder for JPIMedia.
National World was previously said to have been “invited for talks” with JPIMedia when it first put itself up for sale last year.
JPIMedia later shelved the process, with National World subsequently being touted as an interest party in the Archant sale process prior to the takeover by Rcapital.
According to Sky News, Archant is seen as the “likeliest buyer” because of the potential cost savings that a merger would generate.
Reach plc ruled itself out of the bidding last month.
HTFP has approached Archant for a comment, while JPIMedia and National World both declined to comment.