Saputo’s stake in Warrnambool Cheese and Butter keeps growing, with the Canadian company’s hold on the brand now sitting at 77 percent.
The rise from 58.84 percent to 77 percent automatically lifts share prices from $9.20 per share to $9.40, and further extends the offer’s closing date to 12 February.
According to The Land, Saputo has said that all shareholders who accept the offer will receive the extra 20c per share, regardless of when they accept.
If Saputo’s stake in Warrnambool hits more than 90 percent, its offer per share will rise to $9.60, but the likelihood of this is unknown with Lion, a 10 percent shareholder, releasing a statement confirming it has “no current intention to accept Saputo’s takeover offer.”
Earlier this month fellow bidder Bega announced plans to sell its 18.8 percent stake in Warrnambool to Saputo, a move that’s expected to deliver a windfall profit of $61.8 million.