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Warrnambool Cheese & Butter Factory Co (ASX:WCB) has formally recommended shareholders reject Murray Goulburn’s offer in favour of Canadian dairy giant Saputo.
In a letter to shareholders, WCB says Saputo’s revised offer is considered superior to that from Murray Goulburn.
The cheese maker says Murray Goulburn’s offer is highly conditional and uncertain.
WCB says that Murray Goulburn’s intentions regarding the future of WCB’s operations are unclear, creating uncertainties for a range of stakeholders.
Warrnambool Cheese & Butter Factory reported a net profit of $7.5 million in the 2013 financial year.
