Regions

Warrnambool Cheese and Butter Factory Company Holdings Ltd, an Australia based company, said last Tuesday that it had agreed to a takeover deal from Saputo Inc. The transaction was valued AUD392.7 million, according to a Reuters report. Saputo Inc is the biggest dairy producer in Canada.

The takeover transaction would be paid in cash. Saputo Inc. had offered to acquire Australia's Warrnambool for AUD7 per share piece. The offer was an 8.4% premium to Warrnambool's AUD6.46 per share piece at the trading close last Monday.

In the absence of a superior proposal, Warrnambool had recommended shareholders to accept the takeover offer from the biggest dairy produce of Canada, said a Reuters report.

Last September, Bega Cheese had made an offer for Warrnambool valued AUD5.75 per share piece. However, the cheese and butter factory from Australian had recommended shareholders to reject the proposal. The all cash proposal from Saputo Inc was well above from that of Bega Cheese, according to a Reuters report.