Analyst Research

Report Title Price
Provider: Reuters Investment Profile
$20.00
Provider: Thomson Reuters Stock Report
$25.00
Provider: Wright Reports
$75.00
Provider: Thomson Reuters StreetEvents
$75.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Warrnambool Cheese And Butter Factory Co Holdings Ltd's Directors Unanimously Recommend Saputo Inc Offer


Monday, 7 Oct 2013 05:15pm EDT 

Warrnambool Cheese And Butter Factory Co Holdings Ltd (WCB) announced that it has entered into a Bid Implementation Deed with Saputo Inc (Saputo) for a recommended off-market takeover offer by Saputo to acquire all of the shares of WCB for $7.00 cash per share (Offer). The Board of Warrnambool Cheese and Butter Factory Company Holdings Limited unanimously recommends shareholders accept Saputo's Offer, in the absence of a superior proposal. Highlights of Saputo's Offer for WCB shareholders: Recommended Offer of $7.00 cash per WCB share, valuing WCB at $392.7 million on a fully diluted basis; Saputo's Offer gives WCB the discretion to pay two fully franked special dividends of up to $1.31 per share in aggregate. Any special dividends would be deducted from the Offer price of $7.00 cash per share payable by Saputo: If Saputo obtains an interest in at least 50.1% of WCB shares, WCB may pay an initial special dividend of up to $0.46 per share; and If Saputo obtains an interest in at least 90% of WCB shares, WCB may pay a subsequent special dividend of $0.85 per share; If either or both special dividends are paid, some WCB shareholders may also derive additional value above $7.00 from the franking credits attached to those special dividends. The value from these franking credits will be up to $0.56 per share for some WCB shareholders if both special dividends are paid. Importantly, the value of franking credits varies depending on the tax position of individual WCB shareholders. 

Company Quote

65.51
-1.77 -2.63%
2:07pm EDT