As Murray Goulbourn, Saputo and Bega Cheese duke it out for control of Australia’s oldest dairy company, the battle for Warrnambool Cheese (WCB) has taken an interesting twist.
The Australian reports this morning that disgruntled shareholders have have written to ASIC saying the board of WCB is favouring the Saputo bid.
WCB shareholder John Howard said in his letter to ASIC:
“As a shareholder and milk supplier of WCB, I and several other shareholders are extremely concerned by the conduct that has been adopted by the WCB board.
“(It) to us has severely restricted a fair and proper sale process, seems to particularly favour Canadian company Saputo, and precludes and restricts existing shareholders, Bega Cheese and Murray Goulburn.”
WCB closed yesterday at $9.26, just a small 6 cent premium to the most recent Saputo Bid.