Mouldings exporter Tenon may have attracted some potential buyers.
Tenon had initiated a ''strategic review'' in an effort to change what it saw as a ''value gap'' in its share price.
Craigs Investment Partners broker Peter McIntyre said Tenon's share price during the past 12 months had risen 56%, following on from an 80% rise the previous year.
However, for a company with a market capitalisation of $168million, its share liquidity was low.
During the past couple of months, trading had varied from around 50,000 shares per day, down to 10,000 shares per day, and even no-trade days, Mr McIntyre said.
''It has been a good performer, with increasing exposure to new-house builds in the US.''
He said the board believed the share price to be undervalued, and wanted to increase both liquidity, and the company's trading profile.
Tenon chairman Luke Moriarty said the strategic review, looking to close ''the current share price value-gap'', was going to plan.
''Since announcing the strategic review process we have received in-bound interest in Tenon from third parties,'' he said in a statement yesterday.
Mr Moriarty said Tenon now had to to determine if a ''sales path'' provided the best value outcome for shareholders.
Mr McIntyre did not know whether the would-be suitors were domestic or offshore, while Mr Moriarty declined any further comment until the annual meeting in December.
