Bega is right to hold out on accepting Saputo's offer, says AFIC ONE of Bega Cheese's most prominent investors has endorsed its decision to hold out on accepting Saputo's takeover offer for Warrnambool Cheese & Butter, as pressure mounts for the local group to book a profit of about $70 million on the deal. With Saputo's $500m-plus offer for Warrnambool set to expire in less than a week, Bega has yet to convene a board meeting to decide whether or not to sell its own Warrnambool shareholding into the bid.