The owner of Lion Dairy and Drinks has reportedly received three bids for the business including one from Canadian dairy heavyweight Saputo.

The Australian Financial Review reported Lion Dairy and Drinks’ owner, Japanese drinks giant Kirin Holdings, has also received offers from Australian food group Bega Cheese and asset manager Tanarra Capital.

The Australian dairy business was put on the block by Kirin two years ago following a strategic review.

An AUD600m (US$430m then) deal with China Mengniu Dairy was agreed in November last year. However, the deal was called off by Mengniu in August amid tensions between Australia and China over trade.

The Australian Financial Review said it understood Kirin and its adviser Deutsche Bank fielded three bids for the business on Wednesday (11 November) in the decisive round of an auction to decide its future owner.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It said the trio have been in the race for some time and tabled indicative offers business in early October.

It added Kirin and its advisers are expected to go through each bid over the coming days and to seek more clarity on the offers where required, before picking a winner.

Saputo confirmed its interest in Lion’s dairy arm in late October after The Australian Competition & Consumer Commission disclosed the Canadian group “proposes to acquire” Lion Dairy & Drinks. The regulator announced it was inviting interested parties to submit their views on the possible deal. This week, Saputo reaffirmed that it is keen to do more acquisitions in Australia.

Bega Cheese said in August that it would be interested in making a bid for Lion’s dairy assets.