Italian frozen food maker Roncadin has found itself at the centre of a takeover battle after major shareholder Arena Holding said it would launch a takeover offer that values the company at €63m (US$76.0m).

Arena’s offer of €0.486 per share exceeds an offer of €0.47 per share for 60% of Roncadin, made last week by another shareholder, Cibus NV, reported Reuters. Cibus has a 24% stake in Roncadin.

Food group Arena said that it had exercised an option to increase its stake in Roncadin to 47.89% and that it planned to launch a bid for the rest of the company.