McKechnie, the aerospace and specialist engineering group, is likely to pursue an acquisition strategy should it be taken private, reports the Financial Times.
The group's share price has taken a hit in recent months, after management reported flat operating profits to January 31.
They have staged a recent recovery, however, as investors became increasingly bullish about prospects for a takeover or buy-out of the group.
Cinven's bid could deliver investors a premium of up to 100p over yesterday's closing price for McKechnie shares.
The private equity firm has been tracking the group for almost a year, the FT report said.