Canadian dairy giant Saputo has increased its bid for Warrnambool Cheese and dropped all conditions. Source: AAP
SHARES in Warrnambool Cheese and Butter have hit another record high after the company recommended the latest, higher takeover offer from Canadian dairy giant Saputo.
Saputo offered $9 a share on Friday night and Warrnambool's board immediately recommended acceptance.
Trade of Warrnambool shares resumed on Monday, and they gained 19 cents, or 2.1 per cent, to $9.29.
Saputo will also make its revised offer unconditional on November 28, removing a 50.1 per cent minimum acceptance target.
Warrnambool chairman Terry Richardson said the board of the Victorian dairy company unanimously recommended acceptance of the revised Saputo offer, in the absence of a higher bid.
"The board's recommendation reflects the increased cash consideration offered by Saputo and the compelling timing and execution certainty that it provides, particularly compared to the highly conditional Murray Goulburn proposal," Mr Richardson said in a statement released on Friday night.
Murray Goulburn has also offered $9 a share, but its bid still needs regulatory approval from the Australian Competition Tribunal.
"We are currently reviewing our options and will respond in due course," a company spokesman said.
Bega Cheese is also bidding for Warrnambool Cheese and Butter with an offer of $2 cash and 1.5 Bega shares per Warrnambool share - worth $9.17 at present.
The Warrnambool board has rejected the offer as uncertain, saying the current value of Bega's shares do not reflect the true value of the suitor and are fuelled by speculation and the increased value of Bega's 18 per cent stake in Warrnambool.
Bega Cheese is holding meetings with Warrnambool shareholders in Victoria and South Australia on Tuesday and Wednesday.
Saputo CEO Lino Saputo jnr said his revised offer underscored the Canadian company's commitment to Australia.
"Saputo's offer will be freed from all conditions, giving certainty to Warrnambool shareholders that they will receive this substantial cash offer on shortened payment terms if they accept," Mr Saputo jnr said in a statement.
Bega shares gained three cents to $4.78.
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