Murray Goulburn builds WCB stake

  • March 12, 2010
  • source: just-food

Murray Goulburn has continued to build its stake in local rival Warrnambool Cheese and Butter Factory.

warnambool-cheese-and-butter.jpg

Murray Goulburn, which has had two takeover approaches rejected by the WCB board, has grown its stake in the group from 7% to 8.37% of shares, according to a filing with the Australian stock exchange yesterday (11 March).

Murray Goulburn bought 546,722 WCB shares on-market between 3 March and 11 March for A$4.50 (US$4.12) a share.

The price was 15 cents higher than the value of Murray Goulburn’s second offer, which WCB rebuffed on 19 February.

At the time, Stephen O’Rourke, Murray Goulburn’s managing director, insisted that offer was “a genuine proposal” to deliver higher returns to farmers.

However, WCB claimed the latest offer did not reflect the company’s value due to its “unique geographic location” and “strategic position in the Australian dairy industry”.

just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/


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