ast week received the green light from the Australian Competition and Consumer Commission to pursue with its takeover bid for WCB.Since then, its share price has risen by 26 per cent - helped along by New Zealand dairy giant Fonterra picking up a 6 per cent stake on Thursday last week.
"I'm relaxed about it," Barry Irvin, Bega's executive chairman said. "From my perspective they are one of our customers and the organisation has had a relationship with them ever since Fonterra created the business."
Mr Irvin said the stake was taken in a "friendly" manner and it shows Fonterra's support for Bega.
"We are very pleased, as we have argued right the way through, the strong value of Bega Cheese shares and now they are at $5, (comparable) to the $8 Saputo mark," he said.
"The difference is we are giving people the opportunity to merge the business together and retain ownership."
Bega offered 1.2 shares for every WCB share plus $2 cash.
Mr Irvin confirmed Fonterra and Bega had not discussed Bega's bid for WCB.
He said Bega would hold meetings for WCB suppliers and shareholders throughout the region soon.
Dairy processor Lion, owned by Japanese company Kirin, last week threw its hat into the ring, picking up a 9.9 per cent stake in WCB for more than $50 million.
This means the three dairy companies, Bega Cheese, Lion and Murray Goulburn - which also bid $7.50 a share for WCB - collectively own about 46 per cent of WCB.
Canadian company Saputo is seeking a minimum of 50.1 per cent of WCB and met with suppliers and shareholders last week following its $8 a share bid, which has been supported by the WCB board.
The board has rejected the Bega offer.
Saputo board chairman and chief executive Lino Saputo Jr wouldn't comment on the 46 per cent stake of WCB owned by competitors.
However he said Saputo had put forward a compelling all-cash offer and made its intentions clear about investing and growing the WCB business.
