Bega has upped its bid for Warrnambool Cheese & Butter to $8.87 per share.
Yesterday Murray Goulburn increased its stake for the Victorian dairy producer — which is the subject of a three-way takeover tussle — to an all-cash $9.
Bega already owns 18 per cent of WCB, and its new bid is unconditional. This means WCB shareholders could take the offer in both cash and scrip. Bega says this is its final proposal.
Canadian company Saputo — which has the all-clear from Treasurer Joe Hockey — also has an $8 bid on the table.