Canadian diary company Saputo Inc. said on Monday it will make an all-cash takeover offer for the 12 per cent of Warrnambool Cheese and Butter it does not already own, valuing the company at 682-million Australian dollars ($676-million Canadian).
The $8.85 (Australian) per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 per cent premium to Warrnambool’s Friday closing price of $7.09.
Saputo, which already owns 88.02 per cent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities.
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