Australia's Warrnambool recommends revised bid from Saputo

Fri Nov 15, 2013 4:59am EST
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SYDNEY Nov 15 (Reuters) - Warrnambool Cheese and Butter Factory Holdings Ltd (WCB) said its board recommends that WCB shareholders accept a new takeover offer from Canada's Saputo Inc, which raised its bid for the Australian dairy company by 12.5 percent.

Saputo's revised offer of A$9 per share values WCB at A$505 million ($470.84 million), the Australian company said in a statement on Friday.

Saputo and top WCB shareholders Bega Cheese Ltd and Murray Goulburn Co-operative Co Ltd are locked in a three-way battle for Australia's oldest dairy company.