Warrnambool Cheese and Butter Factory (WCB), the Australian dairy firm, has received two more takeover approaches from unknown parties.
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WCB said in a filing with the Australian stock exchange that one approach was a revised offer from a group that initially placed a bid in October.
WCB said the new offers were priced at or slightly below A$4 (US$3.62) per share and both were “significantly higher” than the initial proposed bid.
However, WCB said the proposals were “incomplete, non-binding and subject to several conditions”, including due diligence.
In addition, the company said it believed the bids were “opportunistic” and did not reflect the dairy firm’s medium- and long-term prospects. WCB advised shareholders to “take no action”.
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By GlobalDataMeanwhile, Warrnambool said it was expecting positive net profit for its full fiscal year to 30 June 2010 after reporting a net loss of A$20m in 2008-09. Net profit for the half-year to 31 December 2009 is expected to be between A$6m and A$8m.
“The board of directors firmly believes the company has turned the corner following the difficulties of early 2009 and that the outlook is much more optimistic,” the company said.
