Murray Goulburn has continued to build its stake in local rival Warrnambool Cheese and Butter Factory. 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... ...Read more »
Murray Goulburn has built a stake in local rival Warrnambool Cheese and Butter Factory, which has twice rejected takeover bids from the Australian dairy co-op.WCB said on Friday that Murray Goulburn has snapped up “close to a 5% stake” in the business. The shares were bought for A$4.50 (US$4.01) a share, 15 cents higher than the second offer from Murray Goulburn that WCB rebuffed. WCB told its shareholders to “take no action” and insisted it would keep investors of “all... ...Read more »
Warrnambool Cheese and Butter Factory (WCB) today announced the appointment of David Lord as its new Chief Executive Officer and Managing Director. After 14 years with Parmalat Australia, with the last seven years as Managing Director and CEO, David will join WCB as CEO in June this year as part of a planned transition from the interim CEO, John McLean. Frank Davis, Chairman of WCB said that he and the Board were delighted to have attracted an executive of the calibre and experience of David. “David... ...Read more »
Australian dairy company Warrnambool Cheese and Butter Factory (WCB) on Friday (19th February) rejected a second bid from rival firm Murray Goulburn. The WCB Board unanimously rejected the revised bid of $4.35 cash per share, which was higher than Murray Gouburn’s earlier bid, which was said to be ‘at or below’ $4 per share. WCB’s stock closed at $4 on the Australian Stock Exchange on Friday, however the WCB Board maintained that Murray Goulburn’s latest offer did “not... ...Read more »
Australian dairy co-operative Murray Goulburn has tabled a “revised” takeover bid for local rival Warrnambool Cheese and Butter Factory (WCB).Murray Goulburn, which has had an initial approach rejected by WCB, today (16 February) confirmed that it had made a second offer but declined to comment further. WCB, which announced its half-year results earlier today, was equally taciturn, stating only that the company was “in the process of evaluating” the offer. The muted response... ...Read more »
Australian dairy firm Warrnambool Cheese and Butter Factory today (16 February) reported a jump in half-year profits on the back of rising commodity prices.WCB, which has attracted takeover bids from two companies in recent months, said the figures for the six months to the end of December were a “significant improvement” on the year before. EBIT jumped from A$4.6m in the six months of fiscal 2008/09 to A$14.7m (US$13.2m) in the current financial year. WCB made a net profit of A$8.9m,... ...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 »
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 »
Warrnambool Cheese and Butter has today announced plans to continue with the proposed cheese joint venture with National Foods - Australian Cheese Company Pty Ltd (ACC) - despite deciding not to proceed with a rights issue last week. The rights issue was cancelled following a decision to reinstate the milk price paid to farmers, after suppliers staged a mass exodus. “Following the decision to cut milk prices from 1 April 2009, a number of milk suppliers representing a significant amount of... ...Read more »