A subsidiary of Montreal-based Saputo is offering A$9.05 per
share cash ($9.11 Cdn at current exchange rates) which is less than the A$9.40 it
paid when it took over the company in 2014.
The new offer, described as final, is available until March
6 to all shareholders regardless if they already accepted the A$8.85 per share
cash bid from Jan. 30.
As of the announcement Tuesday, Saputo owned 88.11 per cent
of Warrnambool's shares.
The holdouts include Japanese-owned beverage firm Kirin,
owners of Lion Dairy in Australia, which owns about 10 per cent of
Warrnambool's shares.