saputo bid for wcb frozen, page-3

Takeover Panel blocks progress of Canadian dairy bid
ABC Rural Warwick Long

The fight to control Warrnambool Cheese and Butter has taken another turn, with the takeover tribunal issuing an interim order blocking the Canadian company Saputo buying any further shares.

The Federal Government’s Takeover Panel has been investigating Saputo’s offer for the company, following a complaint by rival bidder Murray Goulburn.

Murray Goulburn complained to the Panel on Wednesday, asking it to investigate whether Saputo had contravened “truth in takeovers” regulations.

On Friday, Saputo announced that it had purchased 9.6 percent of Warrnambool Cheese and Butter shares.

Murray Goulburn, Australia's largest dairy company, raised its offer to $9.50 cash per share, which leads Saputo’s offer of $9.20, ahead of minor player Bega Cheese, with a combined share and cash offer.

The bidding war has escalated in the past week, with bidders addressing meetings of shareholders and farmer suppliers to WCB, which is based at Allansford in south-west Victoria.
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http://www.abc.net.au/news/2013-11-29/nrn-saputo-blocked-takeovers-panel-warrnambool/5126198