Saputo now has a 47.85 percent share in Warrnambool Cheese and Butter (WCB), one day before it closes its offer for the dairy giant.
The Canadian firm last week increased its stake from 26.45 percent to near 45.24 percent after fellow bidder, Bega, sold its 18.8 percent stake.
Saputo’s offering, which closes today, is $9 per share, but according to SMH this price could increase to as much as $9.60 if the company attains various share thresholds in WCB at and above 50 percent.
Murray Goulburn has a 17.7 percent stake in Warrnambool and has also bid to take it over, however WCB’s board recently urged its shareholders to reject the offer, as it is highly conditional and reliant on approval from the Australian Competition Tribunal, which isn’t expected until at least the end of February.