Saputo has raised its offer to minority shareholders in Warrnambool Cheese and Butter Factory, the Australian firm in which the Canada-based dairy group, holds a majority stake.
In a filing to the Australian Securities Exchange, Saputo, which holds an 88% stake in Warrnambool Cheese and Butter Factory, announced it had upped its offer from the AUD8.85 a share it tabled last month to AUD9.05.
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Saputo also said its new offer was “unconditional”. The company’s first offer was conditional on being accepted by shareholders representing at least 90% of Warrnambool Cheese and Butter Factory’s outstanding share capital.
The new offer is set to close at 19:00 Melbourne time on Monday 6 March.
According to a report from The Australian newspaper today, there is speculation Australian dairy group Lion is set to accept to the latest bid and sell its 10.2% stake in Warrnambool Cheese and Butter Factory.
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However, the newspaper said the latest offer may not be accepted from activist investor Sandon Capital, which had been looking for Saputo to include a fully-franked dividend.
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By GlobalDataSaputo acquired a majority stake in WCB in 2014 after a takeover battle against Australian firms Bega Cheese and Murray Goulburn.
