A US investor group led by billionaire Carl Icahn has said it could up its $10bn (£5.7bn) bid for South Korea's biggest tobacco maker, KT&G.
KT&G wants to ward off the hostile bid
In a letter to KT&G, the investors stated they would be prepared to beat their previous informal bid.
The initial offer valued shares at $61 each, while the letter says this could rise to $71 or above.
KT&G opposes the hostile bid, but if successful, it would be South Korea's first foreign-led bid of its kind.