Canada's Saputo is bidding for the rest of Warrnambool Cheese

Children milk a fake cow in Shanghai. STR/AFP/Getty Images

Saputo Dairy is bidding to take the rest of Warrnambool Cheese and Butter Factory it doesn’t already own.

The $8.85 per share offer, valuing Warrnambool at $682 million, is almost 25% higher than Friday’s $7.09 closing price.

The Canada-based Saputo already has 88.02% of Warrnambool shares.

Warrnambool Cheese and Butter, the oldest dairy processor in Australia, is one of the largest employers in south-west Victoria, with 650 staff at sites in Allansford, Mount Gambier and Port Melbourne.

Saputo says there’s very limited trading in Warrnambool shares.

“This offer is a rare opportunity and potential liquidity event for WCB (Warrnambool) shareholders who wish to exit their investment,” says Saputo.

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