A2 Milk's share price has jumped by nearly a quarter after signalling it may become a takeover target.
The company said two unnamed, but associated trade parties, had expressed interest in buying the specialty milk products maker.
A2 said at this stage the interest was preliminary and there was no certainty a takeover offer would happen.
Investors appeared upbeat though, and A2's shares jumped 12 cents to 69 cents each at Midday.
Director at Hamilton Hindin Greene, Grant Williamson, said shareholders should not get too excited.
"The company has received an approach, it is possibly a takeover, but it is very early days.
"We need to see more detail on the table before investors should get too carried away," he added.
Mr Williamson said A2 also disclosed it was considering raising capital from investors, and planning was well-advanced.
A2 said the unnamed parties want access to A2's financial accounts, and their proposal was also conditional on exclusivity, approval from regulators, including the Overseas Investment Office, no downgrades to A2's forecasts, and no change in the number of shares on issue.
The company board was seeking further information from the would-be buyers, and would not comment further.