BEGA Cheese has confirmed its commitment to pursuing a takeover of Warrnambool Cheese and Butter (WCB) and cleared a theoretical obstacle to the process.
Executive chairman Barry Irvin told the company's annual general meeting this morning he was focused on being "in the race to the line" for control of WCB, despite two higher offers being on the table.
Shareholders voted through a change to the constitution, lifting the individual ownership cap of 10 per cent that is now in place.
Mr Irvin said no single WBC shareholder holds enough shares to exceed Bega's limit, but emphasised that it was necessary to have the change in place as part of the company's corporate responsibility.
The cap remains in place for all transactions except those relating to acquisition of WCB.
Bega has offered 1.2 Bega shares plus $2 for each WCB share, Canadian company Saputo has offered $7 cash and Murray Goulburn has offered $7.50 cash.