WCB says its directors were unanimous in rejecting the revised offer which they say is unsolicited, non-binding and indicative in nature, and conditional on due diligence and approval from the WCB Board and regulatory authorities..

While continuing to deny MG access to their accounts which showed some improvement after plunging last year, WCB directors continued to defend their stance claiming the latest MG bid does not reflect the company’s medium and long term prospects.

Nor does it reflect a fair share of the significant synergies that could be unlocked in a combined business, they say.

WCB chairman Frank Devine said MG’s higher offer continued to undervalue the company and he rejected the view that it would be in the best interests of shareholders and suppliers, pointing to the turn around in half year performance.

But even with the upturn in world markets WCB’s latest accounts show a debt to equity ratio of 48pc, at the upper end of its preferred range, and net tangible asset backing has dropped over the last 12 months from $2.68 to $2.57 a share.

WCB’s reluctance to keep the market informed on the interest in its business has drawn sharp criticism from business analysts while the ASX has been less than impressed with sudden changes in share values, issuing two ‘speeding tickets’, the latest on Tuesday when WCB shares jumped from $3.60 to $4.06.

That came after WCB’s half year financial reports included reference to a revised MG bid and the ASX sought an immediate response from WCB to clarify a number of specific issues, including compliance with Listing Rule 3 to disclose any information that a reasonable person would expect to have a material effect on its share price.

Having addressed those immediate questions the ball seems to be back in MG’s court to find a way through the hurdle of WCB’s refusal to allow access to its books.

Without that neither shareholder generally, nor MG, will know the real value of Australia’s oldest milk processor.