Warrnambool to reject bid: report
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Warrnambool Cheese & Butter Factory's (WCB) board is expected to deliver a letter this week urging its shareholders to take no action on Bega Cheese's (BGA) takeover bid, The Australian Financial Review reports.
According to the newspaper, the letter is expected to advise investors that Bega's $319 million offer does not fit with WBC's growth strategy, with earnings expected to improve significantly over the current financial year.
But Bega's executive chairman Barry Irvin said while WBC had a bullish outlook – spurred by a weaker dollar, higher dairy prices and potential returns from new projects – there was unlikely to be significant change in the takeover target's bottom line, the AFR reports.
WBC, which posted a 50% drop in net profit to $7.5 million in the 2012-13 financial year, will not issue a formal recommendation until it releases a target statement next month, according to the newspaper.
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