BIDDING WAR: Murray Goulburn Has Lifted Its Offer For Warrnambool Cheese & Butter

DairyGetty / Scott Olsen

There’s a three-way bidding war going on for Warrnambool Cheese & Butter. And Murray Goulburn has just raised the stakes, increasing its bid to an all-cash $9 per share.

MG already owns 17.7% of the company. Rival bidder Bega has 18%.

Yesterday Treasurer Joe Hockey approved the third bidder Saputo’s attempt to take over the Victorian dairy producer. The Canadian food giant did have the highest bid, at $8 per share.

MG’s offer values Warrnambool at $505 million. based on Saputo’s bid it would be worth $450 million.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at