Drinks firm Britvic has confirmed that private equity firm Permira has raised its share in the firm to nearly 14% from some 3%.
Britvic markets and distributes Pepsi in the UK
Permira-owned Snowdon Acquisitions now holds 30.2 million shares in the drinks firm that is behind the brands Tango and Robinsons.
Britvic shares closed nearly 7% up, as speculation over whether Britvic will be taken over intensifies.
The move comes after Permira denied plans to buy Britvic in early October.
But Permira also said at the time it reserved the right to reconsider its position in the next six months if Britvic were to get any other bid.
Permira has previously been connected with a possible £600m bid for Essex-based Britvic.
Britvic bottles and markets Pepsi in the UK and is one of the country's two main soft drinks firms.
But, since listing on the stock market a year ago, the firm has seen sales and profits decline - fuelling speculation over a bid approach.
In an attempt to reinforce its position earlier in the year the firm expanded into a range of new items including Pennine Spring.