Canadian dairy processor, Saputo has increased its stake in Victorian dairy processor, Warrnambool Cheese and Butter to over 80 percent as of this morning.
Now sitting at 81.436 percent of WCB shares, Saputo’s planned takeover of the business is edging closer to completion, leaving only Japanese beverage giant Kirin – who holds a 10 percent share in WCB – in the picture as the two other suitors, Murray Goulburn and Bega have since sold up their shares to the Canadian processor.
According to The Mercury, the rise to an 81.4 percent share means that investors who choose to sell to Saputo will receive $9.40 per share – an increase of 20 cents from the agreed offer price in late January. Should the Canadian processor exceed a 90 percent stake in WCB, the offer price will increase further to $9.60 per share.
Shares for Warrnambool are currently trading at $9.42.