Australia's Warrnambool recommends revised bid from Saputo

Reuters

SYDNEY, Nov 15 (Reuters) - Warrnambool Cheese and ButterFactory Holdings Ltd (WCB) said its board recommendsthat WCB shareholders accept a new takeover offer from Canada'sSaputo Inc, which raised its bid for the Australiandairy company by 12.5 percent.

Saputo's revised offer of A$9 per share values WCB at A$505million ($470.84 million), the Australian company said in astatement on Friday.

Saputo and top WCB shareholders Bega Cheese Ltd andMurray Goulburn Co-operative Co Ltd are locked in a three-waybattle for Australia's oldest dairy company.

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