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Independent Expert Concludes That Bega Cheese Ltd's Offer For Warrnambool Cheese And Butter Factory Co Holdings Ltd Is Neither Fair Nor Reasonable

Sunday, 13 Oct 2013 07:14pm EDT 

Warrnambool Cheese And Butter Factory Co Holdings Ltd announced that it engaged KPMG Corporate Finance (KPMG or Independent Expert) to prepare an Independent Expert's Report solely in response to Bega Cheese Ltd's offer (Bega's Offer) expressing an opinion on whether or not Bega's Offer is fair and reasonable to WCB shareholders (other than Bega). The Independent Expert has concluded that Bega’s Offer is NEITHER FAIR NOR REASONABLE and that the offer consideration is between 17.1% to 18.9% lower than its assessed valuation range for WCB shares. The Independent Expert has assessed the value of WCB on a 100% controlling interest basis to fall within the range of $6.96 to $7.49 per WCB share. That conclusion is based on the assumptions and qualifications set out in the Independent Expert’s Report that accompanies this announcement. 

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