Warrnambool Cheese & Butter Factory Co
(ASX:WCB) has become a hotly contested takeover target with Murray Goulburn launching a rival $420 million bid for the cheese maker, trumping Canada’s Saputo.
The move marks the latest twist in the three-way battle for the western Victorian agribusiness player after Bega Cheese Limited
(ASX:BGA) initially made a move on WCB.
Murray Goulburn says it will offer for $7.50 cash per WCB share.
This edges out the $7 cash per share offer by Saputo and represents 13 per cent premium to the implied value of Bega’s scrip-based offer.
A co-operative owned by farmers, Murray Goulburn remains in a key position given it already has an 18 per cent stake in WCB.
Warrnambool Cheese & Butter Factory delivered a full year net profit of $7.5 million.
