Murray Goulburn has attacked Australian dairy rival Warrnambool Cheese and Butter Factory (WCB) for not holding talks over its latest bid to buy the business.
Stephen O’Rourke, Murray Goulburn’s managing director, said he was “extremely disappointed” that WCB had not “engaged seriously” with the company before rejecting an offer to buy the business for a second time.
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“Dairy farmers need higher returns and this is a genuine proposal to deliver exactly that,” O’Rourke insisted. “I am extremely disappointed that the board has decided it is not going to engage seriously with us to get the proposal to the point where we can take it to WCB shareholders.”
He added: “The Warrnambool response does not change our belief in the strategic and financial merits of our proposal. We believe both WCB shareholders and suppliers should be provided with the opportunity to realise the value inherent in our proposal.”
Earlier today, WCB rejected Murray Goulburn’s latest offer, which valued the business at A$4.35 a share. WCB’s stock closed at A$4 on the Australian Stock Exchange today.
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By GlobalData
