Pursuits
Bega Cheese Bid for Warrnambool Can Proceed, Says Regulator
This article is for subscribers only.
Bega Cheese Ltd., the underbidder in the battle for Warrnambool Cheese & Butter Factory Co., won Australian regulator approval for its A$408 million ($387 million) offer for the dairy producer.
The approval makes Bega the only of three bidders for Warrnambool to be cleared, as Saputo Inc.’s A$449 million proposal is being reviewed by Australia’s Foreign Investment Review Board and Murray Goulburn Cooperative Co. seeks regulatory clearance through the Australian Competition Tribunal. Bega’s board will meet next week to consider improving its offer, Executive Chairman Barry Irvin said today in an interview.