SYDNEY (Reuters) - Australia’s Warrnambool Cheese and Butter Factory Company Holdings Ltd WCB.AX said on Tuesday it has agreed to an all-cash takeover by Saputo Inc (SAP.TO), Canada’s largest dairy producer, that values the company at A$392.7 million ($370.10 million).
Saputo’s off-market offer of A$7.00 per share is an 8.4 percent premium to the A$6.46 close of Warrnambool shares on Monday.
Warrnambool recommended shareholders accept the offer, in the absence of a superior proposal.
The Saputo approach is well above a A$5.75 per share offer from majority owner Bega Cheese Ltd (BGA.AX) in September, which Warrnambool directors recommended shareholders reject.
Reporting By Maggie Lu Yueyang; Editing by Paul Tait