Canadian Manufacturing

Montreal's Saputo boosts offer for Australian dairy producer—again

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.

The latest offer mark’s the Montreal-based firm’s second registered bid in 10 days, which once again has the unanimous support of Warrnambool’s board.

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.

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