Murray Goulburn Co-operative Co has increased its bid for Warrnambool Cheese and Butter Factory Ltd (WCB) in a move the suitor says underscrores its commitment to the acquisition.
In a statement to the Australian Securities Exchange, Murray Goulburn said it had increased its off-market takeover offer to $9 cash per share.
"Murray Goulburn's revised offer represents compelling value for WCB shareholders and delivers them a demonstrably value outcome relative to all other competing proposals," the group said.
Murray Goulburn said its offer was the only option available that delivers an Australian-owned and operated company with the scale, capacity, strength and momentum to service global growth opportunities.
"A combined MG and WCB will create a globally competitive dairy food company which will deliver many opportunities for Australian dairy farmers and their communities," Murray Goulburn managing director Gary Helou said.
"WCB suppliers joining the enlarged co-operative will benefit from co-operative ownership focused on maximising farm-gate milk prices, including being able to participate in any future changes to MG's capital structure that may arise as result of the review that was recently announced to MG suppliers."