Canadian dairy company Saputo Inc on Wednesday bought out Australian firm Warrnambool Cheese and Butter Factory Co Holdings Ltd’s (WCB) largest minority shareholder, Lion Pty Ltd, all but securing a takeover offer for the 12 per cent of WCB that Saputo does not already own.
“We accepted Saputo’s offer today,” Lion spokeswoman Charlotte Churchill told Reuters.
Saputo raised its offer price on Tuesday to A$9.05 per share from A$8.85 and Lion, ultimately owned by Japan’s Kirin Holdings Co Ltd, sold its 10.23 per cent stake in WCB at that price, Churchill said, for a total consideration of A$71.3-million ($54.8-million).
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