January 29, 2017 / 10:34 PM / a year ago

Canada's Saputo makes bid for rest of Australia's Warrnambool Cheese and Butter

SYDNEY, Jan 30 (Reuters) - Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).

The A$8.85 per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 percent premium to Warrnambool’s Friday closing price of A$7.09.

Saputo, which already owns 88.02 percent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)

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