Saputo extends takeover bid for Warrnambool by another week
Canadian dairy Saputo Inc. on Friday said it had extended its offer for Australia's Warrnambool Cheese and Butter Factory Co. by a week, pending a regulatory proceeding. According to Reuters, Saputo is in a three-way battle with Australian rivals Murray Goulburn Co-operative Co. Ltd. and Bega Cheese Ltd. for Warrnambool. Saputo is Canada's biggest dairy company.
Saputo's offer was dealt with a blow two weeks ago. Australia's Takeover Panel stopped the company from processing acceptances for its AU$515 million offer, the report said.
Saputo pushed back the closing date of its offer period by a week to next Friday. The company in a filing to the stock exchange said it is buying itself more time, Reuters reported. Saputo said it received acceptances totaling 15.7% of Warrnambool and just below the stakes held by Murray Goulburn and biggest shareholder Bega Cheese, the report said.
Reuters stated in its report that Saputo declared its bid unconditional on November 25 and promised to hike its offer up if it won the bidding.