Queensland company Buderim Ginger was the subject of an expected share market raid late on Friday.

Armytage Private, a private equity firm based in Melbourne seized control of a 10% stake in the company, prompting press speculation that a takeover battle could bein the offing.

Armytage Private, an investment manager partly owned by Treasury Group, bought nearly 7% of Buderim Ginger’s shares from the Peanut Company of Australia, reported The Age. It is now the largest shareholder in Buderim, in which it already held a 3% stake.

Buderim issued a profits warning in September as the rising Australian dollar undermined profits.