Canada’s Saputo Inc. stepped up its bid for Australia’s Warrnambool Cheese and Butter Factory Holdings Co. on Tuesday, aiming to knock out its rivals with a final sweetened offer after receiving a regulatory rap over the knuckles.
Saputo’s unconditional cash offer of A$515-million ($461-million) for Australia’s oldest dairy company will rise as high as A$549-million ($492-million) if it receives acceptances of 90 per cent or more of Warrnambool shareholders.
That looks tough on paper given takeover rivals Bega Cheese Ltd and Murray Goulburn collectively own about 35 per cent of Warrnambool shares, while Japanese beverage giant Kirin Holdings Co Ltd holds a further 10 per cent.
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