Saputo falls short of WCB total control bid

SAPUTO has failed in its bid to gain full control of Warrnambool Cheese and Butter (WCB), securing 87.9 per cent of the register when its offer closed yesterday evening.

Japanese owned Lion, which holds 10 per cent of the WCB register, did not accept the offer, blocking Saputo from exceeding the 90 per cent threshold that would trigger sale of all remaining shares and delisting of WCB.

Shareholders who have accepted Saputo's offer of $9.40 per share will be denied the extra 20 cents per share that would have been paid on exceeding the 90 per cent mark.

Lion has stated it is holding on to its shares to secure the future of its cheese supply agreement with WCB.

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