Bega's bite fails to excite

Warrnambool has rejected Bega's takeover bid because it believes to be "inadequate", but the offer appears fairly compelling already.

The battle has only just begun with the spirited takeover defence put up by Warrnambool Cheese and Butter Factory Company Holdings (WCB) drawing focus to its current full year earnings.

The target’s board has outright rejected Bega Cheese’s (BGA) unsolicited advances that roughly equate to $6.14 a share for Warrnambool Cheese because the latter believes the offer is “inadequate”.

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