Bega Cheese Limited
(ASX:BGA) has extended the offer period for its takeover bid for Warrnambool Cheese & Butter Factory Co
(ASX:WCB).
Bega's offer will now remain open until December 20, a week later than its previous closing date.
Bega is one of three companies vying for control of Warrnambool, and has offered 1.5 Bega shares plus $2 in cash for each Warrnambool share, which represents a value of $8.60.
Canadian dairy giant Saputo has offered $9 for each Warrnambool share, and $9.20 if more than half of Warrnambool's shareholders take up the offer.
Warrnambool's board has supported the Saputo offer, and the Canadian company has gathered 14.6 per cent of Warrnambool shares.
But the Takeovers Panel has issued interim orders stopping Saputo from processing the acceptances.
Bega Cheese reported a net profit of $25.4 million in the 2013 financial year.
