Dairy processor Murray Goulburn Co-op has sweetened its offer for Warrnambool Cheese and Butter, which has forecast a return to profitability this year.
< ahref="http://www.afr.com" target="blank">The Australian Financial Review reports that Murray Goulburn is believed to have increased its offer from about $3.90 to about $4.30 a share, valuing the Victorian based former co-operative at about $171 million and has dropped several conditions.
The revised offer is being considered by the Warrnambool board, which last month dismissed Murray Goulburn's original offer as "inadequate" and "opportunistic".
Warrnambool also dismissed a $4 a share bid in December by Saputo, saying the proposal did not reflect its medium- and longer-term prospects.
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