Shares in Southcorp and Foster's have been halted from trading, pending an announcement. Although neither side has commented officially, Foster's has confirmed that talks between the two have resumed which "may or may not lead to a revised takeover offer."

At the same time, Foster's has extended the closing date for its A$4.14 per share takeover for the fourth time. The previous deadline has been shifted from 28 April to 12 May.

Foster's said it expects to make a statement before trading starts on Friday morning.

Speculation is split between those that believe Foster's may increase its bid slightly, to help Southcorp's board - which has consistently ignored the offer - to save face, and those who feel that the current state of the Australian wine market does not warrant any offer rise.

Southcorp has assessed its value at between A$4.57 and A$4.80. But recent statistics show that Australia's wine business is entering a glut cycle, leading to a profit warning from McGuigan Simeon Wines earlier this month, and Southcorp's share price to dip below Foster's offer price on Monday for the first time since the bid was announced.