It's hard to make sense of what's going on at British domestic appliance manufacturer Kenwood.

On one hand, we have Deutsche Bank - acting for De'Longhi - claiming that it has almost 54 per cent of Kenwood shares locked away, as part of its £1 sterling a share offer. On the other hand, Glen Dimplex is still buying Kenwood shares, days after De'Longhi claimed 50 per cent-plus of the shares.

So what's going on? On the face of it, De'Longhi has won Kenwood and has almost 54 per cent of the shares, between what it has bought in the market and irrevocable acceptances.

But it is difficult to imagine businessmen like Mr Martin Naughton, Mr Lochlann Quinn and Mr Sean O'Driscoll going into the market buying Kenwood shares at above the De'Longhi offer price unless they believe they can break open the De'Longhi deal and allow Glen Dimplex - or its oddly named vehicle, Precis 521 - make a higher offer for Kenwood.

Needless to say, Glen Dimplex has not gone out of its way to make the situation clear and, given the company's traditional closed-mouthedness, that is unlikely to change unless it goes public with a counteroffer. The one thing that seems certain is that Mr Naughton has not gone into the market buying Kenwood shares at £1.05 each to sell them on to De'Longhi at £1.05.