The Sunday Times said Ophir tabled an informal offer in February days after Premier announced its chief executive Simon Lockett was stepping down.
It said Premier's board unanimously rejected the latest all-share merger proposal a fortnight ago.
Premier has interests stretching from West of Shetland to the Falkland Islands.
A small Scottish company that sells seaweed for use as an ingredient and an alternative to salt is preparing to make its own expansion move.
The Sunday Herald said Mara Seaweed was moving into new premises in Edinburgh this week to allow for a surge in production.
Mara expects to achieve sales of £245,000 this year and describes seaweed as a massive opportunity for Scotland.
The boardroom of Tesco may also be lining up for some changes.
The Sunday Telegraph said the supermarket giant wanted to add retail experience to its board to address concerns about its recent performance.
A new non-executive director is likely to be hired while stars could be promoted from the ranks.
The paper says Oddbins is planning to treble the number of off-licences it runs in the UK to more than 100 following a recent improvement in its trading performance.
The European Food Brokers business owned by entrepreneur Raj Chatha bought 37 Oddbins stores out of administration in April 2011.
Marks and Spencer will this week launch a big push for online sales following a £150 million revamp of its website and delivery services, the Mail on Sunday reckons.
The company, which has faced challenges on the clothing sales front, wants to capitalise on the growing trend for people to do their shopping on mobile devices.
Meanwhile, the Independent on Sunday highlights market research findings that suggest the success of British cyclists like Bradley Wiggins has been encouraging people to buy increasingly expensive bikes in recent years.