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Warrnambool Cheese shares jump on higher Saputo bid

Sunday, 17 Nov 2013 | 7:09 PM ET

SYDNEY, Nov 18 (Reuters) - Shares in Warrnambool Cheese and Butter Factory Co hit an all-time high on Monday after the Australian dairy company recommended a fresh A$505 million ($470 million) bid from Canada's Saputo Inc.

Saputo's unconditional A$9 per share cash bid for WCB on Friday was the latest in a hotly contested battle, pitting Canada's largest dairy company against WCB's two largest shareholders, Murray Goulburn Co-operative Ltd and Bega Cheese Ltd.

WCB shares, which have more than doubled since Bega's initial approach in September, hit a high of A$9.37, up 3 percent from Thursday, when they last closed before a trading halt.

(Editing by Christopher Cushing)