Takeovers Panel decision spurs new and final offer from Saputo

The battle to take over Warrnambool Cheese and Butter (WCB) is back on after a decision by the Takeovers Panel led to a boosted bid from Canadian company Saputo.

The Australian Takeovers Panel had temporarily halted Saputo from paying shareholders who accepted its deal following a complaint to the panel by rival bidder, Murray Goulburn (MG), over Saputo's latest $9.20 offer, which it said contravened regulations.

This week, however, the Takeovers Panel said that although Saputo's bid was unacceptable under the truth in takeovers policy, it did not make a declaration of unacceptable circumstances, and it has lifted interim orders preventing Saputo from processing acceptances.

So far Saputos acceptances equate to a 16.9 per cent stake in the company. Rival bidders MG and Bega Cheese, are also major shareholders in WCB.

Bega has also made a final and unconditional offer of 1.5 Bega shares and $2.00 in cash per WCB share, while MG's offer is $9.50 for each WCB share, on the condition it attains more than 50 per cent of WCB shares.

MG is the only bidder that still needs to gain regulatory approval for a WCB takeover.