Reuters logo
RPT-Australia's Warrnambool agrees takeover by Canada's Saputo
October 7, 2013 / 11:20 PM / 4 years ago

RPT-Australia's Warrnambool agrees takeover by Canada's Saputo

(Repeats to fix formatting error)

SYDNEY, Oct 8 (Reuters) - Australia’s Warrnambool Cheese and Butter Factory Company Holdings Ltd said on Tuesday it has agreed to an all-cash takeover by Saputo Inc, Canada’s largest dairy producer, that values the company at A$392.7 million ($370.10 million).

Saputo’s off-market offer of A$7.00 per share is an 8.4 percent premium to the A$6.46 close of Warrnambool shares on Monday.

Warrnambool recommended shareholders accept the offer, in the absence of a superior proposal.

The Saputo approach is well above a A$5.75 per share offer from majority owner Bega Cheese Ltd in September, which Warrnambool directors recommended shareholders reject.

$1 = 1.0611 Australian dollars Reporting By Maggie Lu Yueyang; Editing by Paul Tait

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below