Saputo has now snared more than 75 per cent of WCB.

Saputo cleans up

29 January 2014

Canadian dairy company Saputo now owns 77 per cent of Warrnambool Cheese & Butter (WCB), triggering an increase in offer price.

The company today announced it had met the 75 per cent threshold, which increases the offer from $9.20 to $9.40, and results in an automatic extension of the offer period.

The offer is now scheduled to close at 7.00pm Wednesday, Melbourne time on 12 February.

If Saputo obtains greater than 90 per cent of WCB shares during this extended offer period, the offer price will increase a further 20c to $9.60.

Last week, rival bidder, Murray Goulburn (MG) said it would withdraw its bid for WCB and sell its 17.7 per cent stake to Saputo, taking Saputo's stake above 75 per cent.