Bega Cheese could expand a likely capital raising to give it the ammunition to buy Capilano Honey.

It is understood that Bega was behind the purchase of a 2 per cent stake in Capilano on Friday afternoon, as first reported by Street Talk. Capilano's board recently agreed to a takeover offer from investment firm Roc Partners and Wattle Hill, backed by Albert Tse, so the Bega move could be a prelude to a bidding war.