Warrnambool Cheese and Butter have advised shareholders to take no action in relation to Murray Goulburn’s revised proposal of $9.00 cash per share.
Murray Goulburn initially entered the bidding war for WCB on October 18, offering $7.50 per share, but has now raised their offer to compete with Canadian dairy processor, Saputo.
WCB released a statement today in response to Murray Goulburn’s revised offer, stating that the company’s directors are not yet in a position to make a formal response, and will meet shortly to consider the new proposal in detail.
WCB is encouraging shareholders to take no action in relation to their shares until the company’s directors have issued a formal response.
International corporate law firm, Minter Ellison and CIMB Corporate Finance (Australia) Limited are advising WCB in respect of the Revised MG Proposal and assisting WCB's directors to evaluate and respond to it.
Murray Goulburn’s offer comes just a day after Canadian dairy processor, Saputo announced that it has now satisfied the Foreign Investment Review Board's (FIRB) condition in relation to its takeover offer of WCB.
Saputo at present is offering an all cash takeover of $8 per share.