Saputo to milk dairy producer WCB for remaining stake
January 31, 2017
Food Products | Allansford, Australia | Secondary Transaction
Canadian dairy company Saputo (TSX: SAP) has offered A$8.85 per share (~$6.69) to acquire the stock it doesn't already own in Warrnambool Cheese & Butter (ASX: WCB), with WCB recommending shareholders accept the offer "given the lack of liquidity in WCB shares." Saputo acquired 87.9% of WCB shares in 2014 and currently owns an 88% stake. The offer represents a 24.8% premium to the Australian dairy producer's closing share price on January 27; WCB closed up some 25% on the news to end the day trading at A$8.85.