Trinity Mirror is not understood to have received an approach from Bennett, Coleman & Co, the media group behind the Times of India newspaper, despite market speculation yesterday that some shareholders had been approached.

Trinity Mirror's share price touched a high of 94p at 4pm yesterday after rumours circulated that the Indian media group, part of a consortium that acquired Virgin Radio in a £53m deal last month, might look to snap up the stakes of some investors ahead of a formal offer for the Daily Mirror publisher.

Trinity Mirror has become a natural market rumour stock following a share price collapse, sparked by a negative trading update last month, which has seen the company fall to a record low of 41.5p last week.

However, some sources have argued that the size of Trinity Mirror's pension liabilities, just over £1.5bn with a pension deficit of around £125m, makes it an unattractive takeover prospect.

Trinity Mirror put out a statement last week, clarifying its debt facilities and pension fund contributions.

A spokeswoman for the Times of India group said: "There is no truth in the rumours circulating in the press.

"There are no immediate plans to acquire another British media asset as our focus is on the rebrand and further development of our recent acquisition".

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