The Warrnambool Cheese Fight Just Took An Interesting Twist

Picture: Shutterstock

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.