The offer has been unanimously recommended by the board of Warrnambool, and all Warrnambool directors recommend that Warrnambool shareholders accept the offer, in the absence of a superior proposal.
Each Warrnambool director and executive intends to accept the offer for all of the Warrnambool shares they hold or otherwise control, in the absence of a superior proposal.
The offer is expected to close around early December 2013, unless extended or changed as permitted by the Australian Corporations Act. There can be no assurance that the offer will be successful, either in whole or in part.
Warrnambool is also the subject of a non-solicited takeover offer launched by an Australian dairy company on 12 September 2013, which includes a consideration of cash and shares at an implied offer price of AU$6.30 per Warrnambool share, calculated on the Australian bidder’s share price as at the close of trading on ASX on 7 October 2013.
Source: Saputo
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