Latest bid would see Saputo increase offer by AUD$0.20 after it reaches 50 per cent interest in firm
MONTREAL—No, that’s not a typo.
In what has become nothing short of an all-out war, Saputo Inc. announced it has yet again increased its takeover offer for Australia’s Warrnambool Cheese and Butter and dropped all conditions.
According to Saputo, its bid will remain at the AUD$9 per share it announced Nov. 15, but that will increase by AUD$.020 to AUD$9.20 once its interest in Warrnambool reaches the 50 per cent threshold.
Its bid still tops that of Murray Goulburn Co-operative Co. Ltd., which earlier this month announced a bid of AUD$9 per share, which would have to be approved by Australia’s competition board.
Saputo launched its first bid for Warrnambool in early October.