Australian dairy co-operative Murray Goulburn has tabled a “revised” takeover bid for local rival Warrnambool Cheese and Butter Factory (WCB).
Murray Goulburn, which has had an initial approach rejected by WCB, today (16 February) confirmed that it had made a second offer but declined to comment further.
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WCB, which announced its half-year results earlier today, was equally taciturn, stating only that the company was “in the process of evaluating” the offer.
The muted response in the wake of Murray Goulburn’s second offer is in stark contrast to WCB’s reaction to the company’s initial bid.
Two weeks ago, WCB criticised Murray Goulburn for trying to buy the business “opportunistically” and not accurately valuing the firm.
WCB also claimed a sale to Murray Goulburn would hit competition in Australia’s dairy sector, which would be to the detriment of milk suppliers.
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