Canadian dairy company Saputo has announced that it has now acquired more than 50% of the shares of Australia’s Warrnambool Cheese and Butter Factory, giving it majority control. Its shareholding stands at 52.702%. This seems to eliminate previous contender Murray Goulburn, which had acquired some 17% of Warrnambool’s shares.
In accordance with Saputo's original offer, the company will increase the offer consideration from AU$9.00 to AU$9.20 cash per Warrnambool share, having reached a relevant interest of greater than 50% during the offer period. The price per share will rise further – up to AU$9.60 - depending on the total percentage of shares that Saputo acquires.
As a result of Saputo's relevant interest in Warrnambool increasing to more than 50% and the increase in offer price occurring within the last 7 days of the scheduled close of the offer period, the offer period is automatically extended pursuant to Australian law. The offer period is now scheduled to close on Tuesday, February 4, 2014. Other than possible automatic extensions required under Australian law, there will be no further extensions to the offer period.
