Thanks for the link and we may all see the answer to the present...

Thanks for the link and we may all see the answer to the present puzzle


answers.12:39pm: With the battle for Warrnambool Cheese and Butter heating up, analyst Chris Gibson takes a look at the the players involved in the saga:

ASX-listed Bega Cheese owns 17.9 per cent of Warrnambool. In mid-September Bega offered 1.2 of its shares and $2.00 cash per Warrnambool share. Based on Bega’s opening price on Friday $4.49 this values Warrnambool at $7.74 a share (a material increase from the implied $5.89 when its bid was launched as Bega’s shares have been caught up in the frenzy).

Murray Goulburn, a farmer co-op and Australia’s largest dairy processor owns 16.8 per cent. Murray Goulburn offered $7.50 a share in mid-October.

Saputo, a Canadian-based dairy major that currently enjoys the support of Warrnambool’s board, bid $7.00 a share in early October and raised this to $8.00 a share on October 25 following Murray Goulburn’s offer. Saputo had no direct interest in Warrnambool as of that date.

Lion Dairy & Drinks - owned by Kirin Holdings of Japan - has this week reportedly paid $9.25 a share for a 9.99 per cent stake. Lion has stated that it does not currently intend to make an offer for Warrnambool. Lion does have a manufacturing arrangement with Warrnambool to produce Coon and Cracker Barrel brands that is up for renewal in 2015.

These key players collectively hold 44.7 per cent of Warrnambool’s scrip.

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Read more: http://www.smh.com.au/business/markets-live/markets-live-shares-lack-direction-20131101-2wmpm.html#ixzz2jMVQ7SCf