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Warrnambool Cheese & Butter Factory Co (ASX:WCB) says if its shareholders accept Saputo’s takeover offer they will receive $9 cash per share within five business days of the Canadian company declaring its bid unconditional.

 

Managing Director David Lord says if fully franked special dividends are paid, then some shareholders will receive an additional benefit of up to 56 cents per share in franking credits.

 

Warrnambool’s board supports Saputo’s takeover offer and is encouraging shareholders to accept the bid.

 

Bega’s unconditional offer for Warrnambool is 1.5 of its own shares plus $2 cash.

 

Warrnambool Cheese & Butter Factory reported a net profit of $7.5 million in the 2013 financial year.