Warrnambool Cheese and Butter directors are rejecting Bega Cheese's take-over offer.
Warrnambool Cheese and Butter is advising its shareholders to reject the recent take-over bid by Bega Cheese.
Bega offered 1.2 Bega Shares and $2.00 cash for each Warrnambool share.
The Board of WCB, together with its advisers, has undertaken a detailed review of the Offer contained in Begas Bidders Statement.
The Warrnambool directors say they unanimously recommend that WCB shareholders reject Bega’s offer for the following reasons:
• Bega’s Offer is inadequate and does not reflect fair value for WCB shares
• Bega’s Offer does not fully reflect the strategic value of WCB to Bega Cheese. Among other things, WCB believes the potential synergies from a combination of Bega and WCB are materially higher than set out in Bega’s bidders statement.
• Bega’s Offer is timed to exploit recent gains in Begas share price
• The offer consideration is uncertain and there are risks in owning Bega shares
• The timing of Bega’s Offer is highly opportunistic and fails to reflect the value of a number of recent business improvement initiatives undertaken by WCB
• Bega’s Offer is highly conditional and uncertain, and may result in a potential tax liability for WCB shareholders
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