Pursuits
Saputo Raises Bid for Warrnambool Cheese to $472 Million
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Saputo Inc., Canada’s largest milk processor, raised its offer for Warrnambool Cheese & Butter Factory Co. to A$515 million ($472 million), beating two rival bids for Australia’s oldest dairy producer.
Saputo will pay A$9.20 cash a share, up from A$9 a share, on condition it gains more than 50 percent of Warrnambool, the Montreal-based company said today in a statement. The offer trumps a A$9 bid from Murray Goulburn Cooperative Co. and a cash and share offer from Bega Cheese Ltd.