Saputo has again increased its holding in takeover target Warrnambool Cheese & Butter Factory Co
(ASX:WCB).
The Canadian dairy giant says it’s lifted its voting power to 9.6 per cent - up from 4.8 per cent.
Saputo this week said it would increase its offer price to $9.20 cash per WCB share, from $9 per share, if it reached a relevant interest of more than 50 per cent during the offer period.
Rival suitors Murray Goulburn Co-operative and Bega Cheese Limited
(ASX:BGA) have asked the Takeovers Panel to stop Saputo from acquiring WCB shares on market.
Warrnambool Cheese & Butter Factory reported a net profit of $7.5 million in the 2013 financial year.
