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.