Saputo extends WCB takeover bid

Canadian dairy giant's bid to close on same day as Bega's rival offer next week.

Canadian diary giant Saputo has extended its takeover offer for Warrnambool Cheese and Butter Factory Company Holdings Ltd by a week.

Saputo's offer will now remain open until December 20, instead of today.

Rival bidder Bega Cheese Ltd, one of three companies vying for Warrnambool, on Wednesday extended its offer from December 12 to the 20th.

It has offered 1.5 Bega shares plus $2 in cash for each Warrnambool share.

Saputo has offered $9 for each Warrnambool share, and $9.20 if more than half of Warrnambool's shareholders take up the offer.

Australian dairy co-operative Murray Goulburn is offering $9.50 per Warrnambool share.

But that is conditional on approval from the Australian Competition and Consumer Commission.

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