Canadian dairy giant Saputo has increased its takeover bid for Warrnambool Cheese & Butter Factory Co
(ASX:WCB) in a move that has won the endorsement of the Victorian dairy processor's board.
Warnnambool says Saputo boosted its offer by $1 a share, taking its bid from $7 a share to $8 a share. This would value the company at about $449 million.
The Warrnambool board says in the absence of a superior bid, it unanimously recommended the revised offer from Saputo.
The board specifically said it preferred the revised Saputo bid over the Murray Goulburn which valued WCB at $7.50 for each of its 56 million shares.
At its annual general meeting yesterday, the WCB board said it was still evaluating the Murray Goulburn bid.
Warrnambool Cheese & Butter Factory delivered a full year net profit of $7.5 million.
