Can Murray Goulburn's aspirations mature?

Murray Goulburn will need to take dramatic action to materially overbid Saputo. But accessing external capital within a cooperative structure will be challenging, and the bidding is far from finished.

With Warrnambool Cheese and Butter’s directors urging their shareholders to accept the Saputo offer, there is a sense of a clock ticking loudly in the Murray Goulburn boardroom if it wants to stay in the takeover game.

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