Sir Ron Brierley has continued to lift his stake in Wellington retailer Kirkcaldie & Stains.
His holding in the department store now stands at 8.3 percent, rising from 6.9 percent.
It is unclear what is motivating Sir Ron's buying strategy, ahead of this week's vote on a proposed takeover bid by the Australian retailer, David Jones, on Friday.
Chair of the Kirkcaldie & Stains board, Falcon Clouston, said proxies were still coming in and it was too soon to say whether the takeover would be approved.
But he said larger shareholders seemed happy with the proposed deal.
Mr Clouston said the final settlement price for shareholders won't be known until the takeover deal was complete early next year after the department store disposes of its inventory and other assets.
Kirkcaldie & Stains' share prices were unchanged yesterday at $2.20 each.