WCB soars on takeover bid

Warrnambool Cheese and Butter Factory Co Holdings Ltd shares have soared after it recommended a $392.7 million takeover bid from Canada's largest dairy processor, Saputo Inc, after earlier spurning a $320 million offer from Bega Cheese.

Warrnambool Cheese and Butter Factory Co Holdings (WCB) shares have soared after it recommended a $392.7 million takeover bid from Canada's largest dairy processor, Saputo Inc, after earlier spurning a $320 million offer from Bega Cheese (BGA). 

At 1450 AEDT, shares in the group were 11.46% higher at $7.20, against a benchmark fall of 0.35%. 

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