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Warrnambool statement supports Saputo

Warrnambool Cheese and Butter's formal statement supporting the Saputo bid is now out.

January 7, 2014 11:00am

Warrnambool Cheese and Butter has produced a 62 page statement urging its shareholders to reject the Murray Goulburn Co-operative share offer.

The company claims the Saputo offer is superior and have advised their shareholders to ignore Murray Goulburn.

Chairman Terry Richardson described Murray Goulburn’s offer as highly conditional and uncertain.

‘‘The intentions of Murray Goulburn regarding the future of WCB’s operations are unclear in a number of material respects, creating uncertainties for a range of WCB stakeholders,’’ he said.

He said each of the Warrnambool directors and senior executives have already accepted Saputo’s Offer for shares they hold, representing 1.95 per cent of all Warrnambool shares.

Although Saputo’s offer is 50 cents less than Murray Goulburn’s $9.50 offer, Warrnambool says Saputo’s Offer was considered superior to Murray Goulburn’s Offer based on an overall comparative assessment of value, certainty and timing value.

Saputo’s offer period will end at 7pm on January 10.

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