Fund manager VGI Partners has launched a $239 million takeover bid for Brisbane Markets, the Australian Financial Review reported.
The newspaper said that VGI Partners, under the name Produce Markets Queensland, has made an all cash bid of $3.50 per share for the markets.
This represents a premium of 32 per cent to the last trading price.
Brisbane Markets, in Rocklea, is Queensland's largest distribution centre for fruit and vegetables, and also owns land which it rents space to produce sellers.
In its bidding statement, VGI's chairman and former managing director of CHAMP Private Equity, David Jones, said the Brisbane Markets had "poor corporate governance practices and inappropriate management of potential conflicts of interest".