MONTREAL – Saputo Inc. (TSX:SAP) said it’s willing to pay substantially more for Australia’s Warrnambool Cheese and Butter if it can get as much as 90 per cent of its stock.
READ MORE: Quebec cheese giant sweetens offer for Australian dairy company
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The Montreal-based company is maintaining its base offer at AU$9 per share but says it will pay as much as AU$9.60 cash per share if it gets at least 90 per cent of WCB’s stock.
The company has faced stiff competition for Warrnambool, which would provide Saputo with an entry into the Australian market and a toehold in the Asia-Pacific region.
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