The agreed merger between West Sussex brickmaker Baggeridge Brick and Austria's Wienerberger could be gatecrashed by a third party.
Small Hampshire brick company Michelmersh is planning an audacious counterbid for Baggeridge, which employs 45 people in Rudgewick, near Horsham.
Last week Baggeridge agreed to be taken over by Wienerberger for £90 million.
The proposed tie-up has already been given provisional clearance from the Competition Commission, which would leave the British bricks market with three principal clay brick suppliers accounting for 90 per cent of sales Now Michekmersh, which already has a 17 per cent stake in Baggeridge, is preparing to raise its stake in the company to 25 per cent.
Millionaire owner Eric Gadsen said: "We plan to build up our stake and vote down the deal."
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