Nov 13 Murray Goulburn Co-operative Co Ltd, the
second-biggest shareholder in Warrnambool Cheese and Butter
Factory Co Holdings Ltd, raised its takeover offer for
the Australian dairy company to A$505 million ($470 million),
trumping Canada's Saputo Inc's bid.
Murray Goulburn, Saputo and top WCB shareholder Bega Cheese
are locked in a three way battle for WCB, banking on
increasing Asian demand for its basic dairy produce and
high-tech milk extracts.
The A$9 per share cash bid for WCB is a 20 percent increase
on Murray Goulburn's earlier offer and a 12.5 premium to
Saputo's offer, which on Tuesday won a recommendation from the
WCB board and an approval from the Australian government.
Shares in WCB, which have almost doubled since Bega kicked
off the bidding war in September, closed on Tuesday at A$8.54.
($1 = 1.0734 Australian dollars)
(Reporting by Lincoln Feast; Editing by Bob Burgdorfer)