Thailand's Tipco Foods Pcl saw its shares increased by 23% to 16.1 baht in the middle of expectations that the company could be possibly acquired by a group led by Thai billionaire Chareon Sirivadhanabhakdi.

Shares in Tipco Foods rose more than 70% after local newspaper Khao Hoon reported early this week that the company's major shareholders is in talks with the Sirivadhanabhakdi group on the share buyout.

The newspaper quoted a finance source as saying that the board of directors has approved the business plan being executed by the company and that they have no intention to alter shareholding structure with regards to the large shareholders.

The company made no confirmation on the report.