The board of Bega Cheese (BGA) met today to discuss its takeover offer for target Warrnambool Cheese and Butter Factory (WCB).
In a statement to the Australian Securities exchange, the dairy group said it had not yet made a decision on whether to make changes to its offer "but will continue to consider the matter".
Bega is currently offering 1.2 of its shares plus $2 cash for every WCB share.
Canadian dairy giant Saputo Inc and Murray Goulburn Co-operative have also made offers for the company.
Bega's share price jumped 42 cents on Friday after New Zealand dairy giant Fonterra secured a 6% stake in the Australian group (see WCB: All the way to $8.50?).
Reports earlier this week suggested Bega was unlikely to amend its $435 million cash and scrip offer for WCB.
At 1411 AEDT Bega shares were trading 0.62% higher at $4.84, while WCB's stock was flat at 85 cents.