Saputo snaps up Murray Goulburn WCB stake to take offer to $530m

 In Australia, NewZealand
Canadian dairy powerhouse Saputo has snapped up rival Murray Goulburn’s 17.7 per cent Warrnambool Cheese & Butter shareholding, pushing the Montreal-based company’s WCB stake to 77 per cent and triggering a 20¢ rise in its offer to $9.40 a share.
Under Saputo’s offer, shareholders receive step-up payments in the all-cash offer from $9 a share to $9.20 a share if Saputo gets to 50 per cent, $9.40 at 75 per cent and $9.60 at 90 per cent. With the 75 per cent hurdle now passed, the Canadian offer is worth almost $530 million.
Murray Goulburn admitted defeat in the long-running battle for control of WCB last week, saying it would accept Saputo’s offer and withdraw its $9.50 a share cash takeover offer after Saputo crossed the 50 per cent shareholding threshold.  Sydney Morning Herald – Read more…

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