Shares in Currys PLC (LSE:CURY) jumped 32% after the electricals group rebuffed a £700 million takeover approach from Elliott Advisors, while Chinese retailer JD.com emerged as a second potential bidder.
Sky News says at least one leading unnamed shareholder is holding out for £800 million.
Certainly, the surge in the Currys stock price above the 62p a share being tabled by the UK arm of the American activist fund suggests the market thinks there's further for the bidding to go.
Indeed, analysts at Shore Capital suggest Mike Ashley, the retail entrepreneur behind Frasers Group PLC (LSE:FRAS), could make it a three-way fight for control of the retailer.
"Though, we think the latter is unlikely given Frasers last week announced a significant £80 million buyback and added to its AO stake but not, according to our knowledge, its Currys stake, therefore perhaps indicating its current preference for capital allocation," said Shore in a note.
At 8.30 am, the shares were up 15.82p at 62.90p.