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Murray Goulburn reveals WCB bid

Posted on January 29, 2010, 12:12pm

Murray Goulburn Co-operative Co Limited (MGC) today advised its supplier-shareholders it has submitted a proposal to acquire all the shares in Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB).

The letter explained that MGC put a proposal to the WCB Board in December last year and that this proposal had been rejected.

Just prior to Christmas WCB informed the Australian Securities Exchange that it had received and rejected two proposals from two unrelated companies without expressly naming MGC.

In his letter to supplier-shareholders MGC Chairman Grant Davies indicated that MGC was currently considering next steps and would keep supplier-shareholders informed.

Under the MGC proposal WCB and MGC would merge to become a 100pc dairy farmer-owned Australian cooperative.

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