But that battle is far from over with the notes accompanying the half year results sent to the Australian Stock Exchange noting that: “WCB has this week received a revised offer from Murray Goulburn which it is in the process of evaluating.”

Favourite-son John McLean was brought out of retirement in the middle of last year to sort out the mess after up to one third of WCB’s supplier took their milk elsewhere and the subsequent shake up saw then Managing Director Neil Kearney, chairman David Karpin and a couple of other directors forced out.

The turn around has been everything shareholders could have hoped for with half-year earnings before interest, tax, depreciation and amortisation (EBITDA) of $21 million, up more than 100pc on the equivalent 2008 figure and net operating profit of $8.9m, more than five times the $1.4m last year.

WCB has ridden the wave of improving world dairy markets to post a 32pc lift in export sales volumes and half that in the domestic market, even though average prices were 37pc lower and the overvalued Australian dollar helped push revenues to $204m,almost 15pc below the 2008 level.

Mr McLean said the overall result was pleasing given the trading conditions which market observers say were arguably among the most difficult ever experienced.

WCB’s milk intake at 521m Litres was almost seven per cent lower for the half year which was a good result given the lost supply early in the period and the overall decline in production of almost five per cent in that region during the reporting period.

Murray Goulburn’s second offer suggests a determination by the country’s largest milk processor to be granted a closer look at the target company’s books after its initial approach was rejected out of hand.

MG wants to combine both businesses into a single, enlarged co-operative and will need to do due diligence before it can formulate a bid that might be more attractive to WCB shareholders.

There has been surprisingly little movement in WCB shares given the takeover play with prices edging up from $3.34 to close on Tuesday at $3.75 on modest trading volumes.

These figures are still significantly short of the rumoured $4 initial offer from Murray Goulburn and arguably well below any serious takeover premium.