Saputo Closer to Warrnambool Takeover28 November 2013
AUSTRALIA – Dairy processor Warrnambool Cheese and Butter has approved of a simplified takeover from Saputo.
The announcement came yesterday (27 November), two days after Saputo announced a conditional increase to the Warrnambool shares, taking the value from A$9.00 per share up to $9.20.
The offer is superior to that of both Bega Cheese and Murray Goulburn who were quoted as offering A$8.675 and, a highly conditional, $9.00 respectively by Saputo on 15 November.
Both offers have been rejected. Bega’s is declared final and Murray Goulburn’s is conditional and subject to authorisation from the Australian Competition Tribunal.
TheCattleSite News Desk