Canadian dairy company Saputo Inc (SAP.TO) raised its takeover offer for Australia's Warrnambool Cheese and Butter Factory Co Holdings Ltd (WCB) (WCB.AX) by 12.5 percent on Friday, and Warrnambool's board unanimously recommended it.
Saputo, Canada's largest dairy company, has been bidding against WCB shareholders Bega Cheese Ltd (BGA.AX) and Murray Goulburn Co-operative Co Ltd, chasing WCB for its export connections to Asia, where demand for both for its basic dairy produce and high-tech milk extracts is surging.
Saputo's new bid, at A$9 per share, values Australia's oldest dairy company at A$505 million ($470.84 million), making it the world's most expensive dairy company on a price-to-earnings basis.
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