Rejected suitor Murray Goulburn fires back Business January 7, 2014 - 10:44AM Warrnambool Cheese & Butter. Murray Goulburn is heating up the bidding war for Warrnambool Cheese & Butter, flagging its intention to buy shares in the Victorian dairy company on market at prices up to $9.50 to take its stake up to 19.9 per cent. Canadian dairy giant Saputo is fighting a fierce $500 million-plus takeover battle with Murray Goulburn for control of WCB. Saputo is trying to maximise WCB shareholder acceptances for its $9 a share cash offer this week with the prospect of not extending its offer beyond its Friday deadline. Murray Goulburn is still waiting for regulatory approval and is scrambling to stem the flow of Saputo's acceptances. The Saputo offer has been recommended by WCB's board. Murray Goulburn managing director Gary Helou urged shareholders not to sell their shares into Saputo's offer and to wait for the farmer co-operative to get its bid through the competition regulator. As foreshadowed by Fairfax Media yesterday, WCB formally rejected Murray Goulburn's $9.50 a share cash offer in its target's statement today. The Victorian dairy company, which is the nation's fourth-biggest dairy processor, outlined three key reasons for rejecting Murray Goulburn's offer: WCB believes Saputo's offer is superior based on value, certainty and timing; Murray Goulburn's offer is uncertain based on its two conditions - receiving merger authorisation from the Australia Competition Tribunal and getting more than 50 per cent of WCB; Murray Goulburn's post-acquisition intentions for WCB are unclear, which creates uncertainty for WCB stakeholders. Murray Goulburn, which is Australia's largest dairy exporter, today said its $9.50 a share offer is the highest bid on the table and said it believes its case before the Tribunal is "compelling."