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Saputo extends offer on Warrnambool bid

Saputo has extended the deadline on its $9 per share bid for Warrnambool Cheese and Butter.

According to weeklytimesnow, the Canadian dairy company has extended the deadline from today until 7pm on 22 January, but said no further extensions will be made unless its required to do under the Corporations Act 2001.

Now the largest shareholder, Saputo this week increased its stake from just over 18 percent to 21.4 percent and has offered further 20 cent step-ups in price on reaching 75 percent and 90 percent share acquisitions.

Despite offering $9.50 a share, Murray Goulburn’s bid is seen by Warrnambool as inferior to Saputo’s with board members urging shareholders to reject the “highly conditional” offer, which is subject to the granting of authorisation by the Australian Competition Tribunal.

 

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