BRISBANE, June 5 AAP - Up to 10 per cent of dairy group National Foods Ltd were exchanged today with speculation that an overseas buyer may have picked up the stake.
Shares in National Foods were 31 cents higher at $3.38 on heavy turnover of 29.9 million.
At 0930 AEST ahead of the market opening, a special of 29.1 million National Foods shares were exchanged.
"It was a special line, done offshore through ABN AMRO ... for a special shareholder at $3.50, at least 10 cents above the current trading price," one Sydney broker said.
"That's a very significant premium, obviously this offshore person wanted it big time."
The likely buyer might have been dairy processor New Zealand Dairy Foods, brokers speculated.
