Shares in Warrnambool Cheese rose more than 10% to a record high of $9.30 this morning after almost 2% of the company changed hands in a single trade.
The AFR reports that Japanese F&B giant Lion had purchased the shares to block a potential takeover.
Warrnambool has been in takeover discussions with diary firms Bega, Murray Goulburn and Saputo since 12 September and its share price has climbed steadily since.
Via investing.com, here’s what happened:
Business Insider Emails & Alerts
Site highlights each day to your inbox.