WCB eyes competition tribunal role

Takeover target seeks leave to participate in tribunal process as MG lifts bid.

Warrnambool Cheese and Butter Factory Company Holdings (WCB) is seeking leave to participate in the Australian Competition Tribunal process as an interested party as it considers a takeover offer from Murray Goulburn Co-operative Co.

In a statement to the Australian Securities Exchange, WCB said it intends to appear in the first case management conference for Murray Goulburn's application before the tribunal on December 9, after the suitor increased its bid to an all-cash offer of $9.50 per share.

The offer is conditional on the tribunal granting authorisation and WCB says it is reviewing a public version of the suitor's application but has not yet received supporting materials or a confidential version of the application.

WCB advised its shareholders to take no action until its directors review detailed information about the Murray Goulburn offer.

WCB is also fielding takeover offers from Canadian dairy giant Saputo, which it has recommended, and from Bega Cheese (BGA).

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