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Warrnambool Cheese & Butter Factory Co (ASX:WCB) has become a hotly contested takeover target with Murray Goulburn launching a rival $420 million bid for the cheese maker, trumping Canada’s Saputo.

 

The move marks the latest twist in the three-way battle for the western Victorian agribusiness player after Bega Cheese Limited (ASX:BGA) initially made a move on WCB.

 

Murray Goulburn says it will offer for $7.50 cash per WCB share. 

 

This edges out the $7 cash per share offer by Saputo and represents 13 per cent premium to the implied value of Bega’s scrip-based offer.

 

A co-operative owned by farmers, Murray Goulburn remains in a key position given it already has an 18 per cent stake in WCB.

 

Warrnambool Cheese & Butter Factory delivered a full year net profit of $7.5 million.