Bega Cheese Ltd will not extend its offer in a three-way battle for Australian producer Warrnambool Cheese & Butter Factory Co. Bega will instead consider stake options for the dairy producer, according to Bloomberg.

According to a statement made today, Bega will close its takeover bid for Warrnambool on December 20, the report said.

The tussle for Australia's oldest dairy producer has more than doubled the market value of Warrnambool. Saputo offered to pay for Warnambool's shares at A$9.60 apiece, which values the company at A$537 million ($479 million). This offer is based on the condition that Saputo gains over 90% of the the dairy firm, according to a Saputo statement. Murray Goulburn offered A$9.50 apiece for the same shares, the report detailed.

Bega presently holds an 18% stake in Warrnambool. Saputo and Murray Goulburn have 17% each, according to a Bloomberg data. These bidders are seeking to increase production and add export infrastructure a Asian demand for dairy products are rising, Bloomberg reported.