Saputo Hits Back With $430 Million Bid For Australia's Warrnambool

Saputo Inc (SAP.TO), Canada's largest dairy producer, looked likely to triumph in the battle for Australia's Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) (WCB.AX) after hiking its bid by 14 percent to A$449 million ($430 million).

Saputo's A$8 per share offer trumps separate approaches from WCB's two largest shareholders, Australian-based Bega Cheese Ltd (BGA.AX) and Murray Goulburn Co-operative Co Ltd, and won a recommendation from WCB's directors.

"It's very close to what must be the final bid," said Mark Topy, senior industrials analyst at Canaccord Genuity, who expects Bega and Murray Goulburn to bow out of the battle.

"Price is almost immaterial for (Saputo) and they've got the most firepower."

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