Australian dairy co-op Murray Goulburn is weighing up the company’s next step in the takeover battle for rival firm Warrnambool Cheese and Butter Factory (WCB) but repeated its interest in the business. Reports in Australia have claimed that Murray Goulburn plans to make another offer for WCB in the coming weeks after seeing its initial bid dismissed. A spokesperson for Murray Goulburn emphasised that the business remains “very interested” in WCB and wants to hold talks with the... ...Read more »
Australian dairy co-op Murray Goulburn is to close one of its cheese sites in the state of Victoria. The company told just-food yesterday (3 February) that its facility in Leitchville faced closure after eight years of drought in the region. Some 80 employees will be affected. “It just wasn’t viable to continue to have four sites in the region, so it will be rationalised down to three,” a Murray Goulburn spokesperson said. Murray Goulburn is one of two bidders for Australian cheese... ...Read more »
Dairy co-operative Murray Goulburn has announced itself as one of the suitors for the ASX-listed Warrnambool Cheese and Butter as they look at their options after seeing their proposal rejected. WCB reported in December that they had received an unsolicited takeover offer in October which they rejected. They then updated the market just prior to Christmas with the news that another party had also made a play for them while the original suitor had tabled a revised bid. Both offers reportedly valued... ...Read more »
ASX-listed dairy firm Warrnambool Cheese and Butter has received another approach from their suitor, while a new player has entered the mix - potentially fuelling a bidding war. WCB first received a non-binding offer back in October from an undisclosed suitor and quickly dismissed the offer - arguing it grossly undervalued the company’s prospects. The company has since received two further approaches - one from a new suitor - but have again been dismissive of the offers. “WCB has received... ...Read more »
The Australian Securities Exchange has requested information from dairy firm Warrnambool Cheese and Butter Factory as to why they withheld news of the unsolicited takeover offer from the public domain. WCB received a ’speeding ticket’ yesterday from the ASX querying as to whether there was any reason for the sharp surge in their share price in recent days. The company responded by saying that they had received a takeover offer - which the Board had already turned down, although maintained... ...Read more »
Warrnambool Cheese and Butter Factory has reiterated their lack of interest in the current takeover offer before them as rumours swirl as to the identity of the mystery bidder. The company received an unsolicited approach recently that was quickly dismissed by the Board, although not disclosed to the market until a “speeding ticket” was issued by the ASX yesterday. Who can it be now? Since the announcement practically every dairy company who has an interest in the Australian dairy industry... ...Read more »
Victorian-based dairy firm Warrnambool Cheese and Butter Factory (WCB) has received an unsolicited confidential takeover proposal. The company said they would resist the current offer, believing it not to be in the best interests of shareholders. “The indicative proposal is incomplete, non binding and subject to a number of conditions,” the ASX-listed firm advised in a statement. “After taking advice from professional advisers, the Board has informed the third party that the indicative... ...Read more »
Warrnambool Cheese and Butter Factory has announced a loss of $19.9 million as revenue fell 16% to $441 million on the back of an “unprecedented downturn” in the dairy industry. The company had announced a downgrade in expectations in June, suggesting the profit would come in between $16 and $18 million. “This is a very disappointing result,” WCB’s CEO and Managing Director, John McLean, admitted. “After a period of excellent commodity price growth, the global... ...Read more »
Victorian-based dairy processor Warrnambool Cheese and Butter Factory has seen the majority of their milk supply return after a mass exodus of over 100 farmers in April threatened to leave a substantial hole in their supplies. The Chief Executive Officer of WCB, John McLean - who returned to the position he held for 32 years after the resignation of Neil Kearney in April - last week informed suppliers that, after losing in excess of 250 million litres of milk “virtually overnight” in... ...Read more »
A number of leading players in the Australian dairy industry have cut prices paid to farmers, sparking fears that it could force a number of suppliers out of the industry this year. Major milk processors in Australia announce their opening milk prices at around this time of year and can increase the price through step-up payments during the year. Last season, many processors lowered prices - something of a rarity - as commodity prices plunged. Murray-Goulburn announced a cut to 26c per litre, while... ...Read more »