Canadian dairy giant Saputo has increased its substantial holding in Warrnambool Cheese & Butter Factory Co
(ASX:WCB) a day after announcing it would increase its takeover offer if it can acquire enough shares in the target during the offer period.
Warrnambool says Saputo now holds 3.73 per cent voting power in the Australian dairy maker.
Saputo said it will lift its offer price to $9.20 cash per WCB share, from $9 per share, if it reaches a relevant interest of more than 50 per cent in WCB during the offer period.
Saputo also declared its offer unconditional.
In its Second Supplementary Bidder's Statement, Saputo urged WCB shareholders to accept the offer and reiterated they would be paid $9 per WCB share within nine business days.
Warrnambool Cheese & Butter Factory reported a net profit of $7.5 million in the 2013 financial year.
