The Canadian Press - ONLINE EDITION

More than 75% of Warrnambool shares tendered to Saputo takeover offer

  • Print

MONTREAL - The cost of acquiring Australia's oldest diary processor just became a bit more expensive for Saputo Inc. (TSX:SAP).

The Montreal-based cheese and dairy company says more than three-quarters of the shares of Warrnambool Cheese and Butter have now been tendered to its takeover offer.

The 75 per cent threshold triggers an automatic increase in the price per share it is paying to AU$9.40 from AU$9.20

Saputo said that as of 7 p.m. Melbourne time on Tuesday it had a relevant interest of 77.074 per cent in Warrnambool shares.

Meanwhile, since the threshold was passed and the price increased within the last seven days of the offer period, the period for tendering has now been automatically extended under Australian law until 7 p.m. Melbourne time on Feb. 12, Saputo said in a release Tuesday.

"Other than possible automatic extensions required under Australian law, there will be no further extensions," Saputo added.

Murray Goulburn Co-Operative, Saputo's main competitor for Warrnambool, threw in the towel last week after the Canadian company announced in a regulatory filing that it had acquired 57.7 per cent of the target company's shares.

Murray Goulburn said at the time that it would tender its 17.7 per cent interest to Saputo, which has agreed to boost offer to AU$9.60 per share if gets at least 90 per cent of Warrnambool stock.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

In the Key of Bart: Can’t It Be Nice This Time?

View more like this

Photo Store Gallery

  • A monarch butterfly looks for nectar in Mexican sunflowers at Winnipeg's Assiniboine Park Monday afternoon-Monarch butterflys start their annual migration usually in late August with the first sign of frost- Standup photo– August 22, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A young goose gobbles up grass at Fort Whyte Alive Monday morning- Young goslings are starting to show the markings of a adult geese-See Bryksa 30 day goose challenge- Day 20– June 11, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What are you most looking forward to this Easter weekend?

View Results

View Related Story

Ads by Google