SYDNEY, Jan. 29 (Xinhua) -- Canadian dairy giant Saputo on Wednesday announced it had obtained a relevant interest in the issued shares in Australia's Warrnambool Cheese and Butter Factory Company (WCB) of greater than 75 percent.
Under the terms of the takeover offer, Saputo automatically increases the buyout price from 9.20 AU dollars to 9.40 AU dollars cash per share after reaching a relevant interest of greater than 75 percent during the offer period.
It also automatically extends the offer period, which is now scheduled to close at 7:00 p.m. (Melbourne time) on Wednesday February 12.
Saputo, Australia's Bega Cheese and Murray Goulburn Co- operative were involved in a prolonged three-way battle for the control of Warrnambool, but the two Australian companies have agreed to sell their stakes in WCB to Saputo.
The Saputo's offer price will go up to 9.60 AU dollars if it obtains 90 percent interest in Warrnambool.
WCB shares gained two AU cents to 9.44 AU dollars on Wednesday.
The company shares were trading at 4.51 AU dollars in September 2013 when Bega Cheese started the battle for WCB.