WCB takeover bid

A takeover offer for Australia's oldest milk processor, Warrnambool Cheese and Butter, is "highly opportunistic", the company's board said. The board urged shareholders on Thursday to reject a $319 million bid by Bega Cheese. The offer, made this month, sent WCB's shares to record highs. It was based on $2 cash and 1.5 Bega shares for each WCB share.

A takeover offer for Australia's oldest milk processor, Warrnambool Cheese and Butter, is "highly opportunistic", the company's board said. The board urged shareholders on Thursday to reject a $319 million bid by Bega Cheese. The offer, made this month, sent WCB's shares to record highs. It was based on $2 cash and 1.5 Bega shares for each WCB share.