Australian energy group Origin has urged shareholders to reject a 13.8bn Australian dollar ($13.1bn; Ј6.7bn) takeover bid from UK rival BG Group.
The firm said the offer did not take into account the full extent of its coal seam gas reserves.
It said it had seen "strong interest" in these reserves and was looking at proposals from third parties.
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Increased offer
Origin shares have been trading above BG's offer price of A$15.50, suggesting that investors are expecting the offer to be sweetened.
"There is a very high chance that BG will raise its offer," said Gavin Wendt, head of research at Fat Prophets Funds Management.
"If they raised it by 50 cents or a dollar, it will move many shareholders."
BG went hostile with its all-cash offer on 24 June after an agreed deal was rejected by Origin at the last minute.
The offer is at a 48% premium to Origin's closing share price on 29 April, before the move was announced.
(BBC)
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