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Saputo Inc Announces Takeover Offer For Australian Dairy Company Warrnambool Cheese and Butter

Monday, 7 Oct 2013 06:06pm EDT 

Saputo Inc announced that it has agreed with Warrnambool Cheese and Butter Factory Company Holdings Limited (Warrnambool) to make an all cash takeover offer of AUD7.00 per share for all the shares in Warrnambool on issue at the end of the offer period. Based on the current issued share capital of Warrnambool, the purchase price for 100% of the shares of Warrnambool would equal approximately CAD378 million and will be funded out of Saputo's newly committed bank loan with a three year term. The enterprise value of Warrnambool implied by the Offer is approximately CAD450 million, based on CAD73 million of net debt as of June 30, 2013. Depending upon Saputo reaching specified interest thresholds in Warrnambool, a portion of the offer price of up to AUD1.31 per share may be payable by Warrnambool through the distribution of special dividends to its shareholders that could deliver additional value estimated by Warrnambool to be up to an additional AUD0.56 per share to some Warrnambool shareholders, depending upon the individual tax circumstances of each Warrnambool shareholder. The Offer is expected to close around early December 2013, unless extended or changed as permitted by the Australian Corporations Act. There can be no assurance that the Offer will be successful, either in whole or in part. Rabobank and Rothschild are acting as the financial advisors to Saputo, while Maddocks and Stikeman Elliott LLP are acting as legal counsel. 

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1 May 2015