Shares in the UK’s Big Food Group received a boost yesterday [Thursday] due to market speculation that the company may be taken over.

However, any deal is not likely to be imminent, with the rumours probably started by share purchases by company directors, Reuters reported, citing market sources.

Some market speculation centred on a possible management buyout of the company, which owns frozen food retailer Iceland, while some focused on rumours of a possible bid by Icelandic retailer Baugur, which already owns a 22% share of Big Food Group.