Saputo sweetens WCB bid

Canadian dairy group will increase its price if it can acquire enough shares in WCB during the offer period.

Canadian dairy group Saputo will increase its takeover offer for Warrnambool Cheese and Butter Factory Company Holdings (WCB) if it can acquire enough shares in the target during the offer period.

In a statement to the Australian Securities Exchange, Saputo said it will lift its offer price to $9.20 cash per WCB share, from $9 per share, if it reaches a relevant interest of more than 50% in WCB during the offer period.

Saputo also declared its offer unconditional.

The WCB board reaffirmed its recommendation that shareholders accept the offer in the absence of a superior proposal.