AG Barr, the maker of Irn-Bru, was yesterday touted as the front runner to acquire soft drinks company Nichols, which produces the iconic purple-hued drink, Vimto.
However, last night some analysts were not convinced Barr was in the frame, speculating that a venture capital group was a more likely suitor.
No-one from Barr was available to comment, and Barr's PR company said they "were not aware" of any plans to bid.
Nichols - part-equity, part family owned - has come into play after recent strong results and a strategic review by financial adviser NM Rothschild. The company has confirmed it is reviewing a bid, which is reported as valuing Nichols at £113m.
Its shares soared 21p, or 7.4%, to 304.5p on Monday night, and speculation was that they could make 350p. Last night the price was up a further 2.5p to close at 307p.
Along with Barr, who at one time manufactured Vimto under licence, are several other companies, including several private equity firms, that have been rumoured to have an interest.
But yesterday, Nicola Mallard, an analyst with Investec said: "We don't see any obvious synergy for a trade buyer such as Barr."
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