News: WCB prefers sweeter Saputo bid

.

Canadian dairy giant Saputo has increased its takeover bid for Warrnambool Cheese & Butter Factory Co (ASX:WCB) in a move that has won the endorsement of the Victorian dairy processor's board.

 

Warnnambool says Saputo boosted its offer by $1 a share, taking its bid from $7 a share to $8 a share. This would value the company at about $449 million.

 

The Warrnambool board says in the absence of a superior bid, it unanimously recommended the revised offer from Saputo.

 

The board specifically said it preferred the revised Saputo bid over the Murray Goulburn which valued WCB at $7.50 for each of its 56 million shares.

 

At its annual general meeting yesterday, the WCB board said it was still evaluating the Murray Goulburn bid.

 

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