Saputo extends deadline

CANADIAN dairy company Saputo has extended its offer to Warrnambool Cheese and Butter (WCB) shareholders for an extra week.

The firm's takeover bid was due to close at 7pm today but it will now remain open until 7pm next Friday.

Saputo reserves the right to extend it further.
Saputo is offering WCB shareholders $9 per share plus an extra 20 cents if it gains a controlling holding of more than 50 per cent.

The move coincides with Saputo's announcement to the Australian Securities Exchange that acceptances for its offer now total 15.7 per event of the share register.

The company is unable to process the acceptances until cleared by the Takeovers Panel which is looking into aspects of its offer.

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