SYDNEY Jan 23 Australia's Murray Goulburn
Co-operative Co Ltd dropped its bid for Warrnambool Cheese and
Butter Factory Co Holdings Ltd on Thursday, announcing
it planned to sell its 17.7 percent stake to rival bidder Saputo
Murray Goulburn's capitulation lifts Saputo's stake in
Australia's oldest dairy firm to 75.4 percent, triggering a 20
cents rise in its offer price to A$9.40 per share or A$526
million ($465.96 million).
If Saputo reaches 90 percent acceptances, the offer will
rise again to A$9.60 per share, or A$537 million.
Murray Goulburn's A$9.50 per share, or A$532 million, offer
was conditional on both acceptances of 50 percent and regulatory
approval that is not due until next month.