Bega Cheese gets regulator approval for Warrnambool Cheese bid
Bega Cheese Ltd got the approval of an Australian regulator for its AUD 407 million or USD 396 million offer for Warrnambool Cheese & Butter Factory Co. Of the three bidders for the dairy producer, only Bega has so far received clearance from the Australian Competition and Consumer Commission. The Foreign Investment Review Board of Australia is still in the process of reviewing the AUD 449 proposal of Saputo Inc. Murray Goulburn Cooperative Co, meanwhile, is seeking clearance from the Australian Competition Tribunal.
Bega had been the underbidder for the dairy producer. It had offered 1.2 shares and AUD 2 cash for each Warrnambool share. Murray Goulburn had offered AUD 7.50 per share. The board of Warrnambool had supported Saputo's AUD 8 per share proposal for the company.
In an October 21 interview with Bloomberg, Bega Executive Chairman Barry Irvin said it was thinking of options about improving its bid for the dairy manufacturer.