Clyde Industries Limited emerged as a possible takeover target yesterday after a mystery buyer snapped up as much as 12.7 per cent of the company's shares during trading.

The buying pushed Clyde's share price to an 18-month high of $1.81 before closing at $1.75, a gain of 18c. That valued the company at around $170 million. Any successful bidder, however, will have to dislodge the 15.8 per cent stake held by the family of chairman Robert Purves.