Saputo 'misinformed' Warrnambool shareholders: Murray Goulburn Dairy drama ... Murray Goulburn believes Saputo has not been honest with Warrnambool shareholders. Photo: Nicolas Walker Murray Goulburn is urging the Abbott government to halt Saputo's bid to control Warrnambool Cheese and Butter, saying the Canadian dairy giant has ""misinformed"" shareholders. As Saputo's stake in WCB increased to 4.8 per cent, Murray Goulburn asked the Australian Takeovers Panel to intervene and stop the Montreal-based company from accepting any more shares. Murray Goulburn and Saputo are locked in a three way battle to control Australia's oldest listed milk processor. But while Saputo, which has the support of WCB's board, can start accepting shares, Murray Goulburn has to wait up to six months to see if the competition regulator approves it bid. In its application to the panel Murray Goulburn attacked WCB's abandonment of two special dividends of 46 cents and 85 cents if Saputo's holding in the company reached 50 and 90 per cent. Instead, Saputo will pay shareholders an extra 20 cents if it hits 50 per cent, taking its bid to $9.20, or $515 million. Murray Goulburn, which has offered $9 cash, or $505 million, argued that WCB shares traded from November 15 to 25 on the basis of ""misinformation as to the terms of the Saputo bid"." ""Murray Goulburn seeks interim orders, including that Saputo be restrained from processing acceptances and acquiring Warrnambool shares on market,"" Murray Goulburn said in its submission to the takeovers panel."" ""Murray Goulburn submits that the Warrnambool board should advise shareholders to wait until the bid is in its final stages, or bidders have declared their bids final."" Australia's biggest dairy company also asked the Takeovers Panel to reinstate WCB's proposed payment of special dividends, and stop Saputo from tinkering its bid to include the conditional payment of an extra 20 cents a share."" ""And Warrnambool should release the bid implementation agreement between Warrnambool and Saputo to the market, in line with market practice."" NSW-based Bega Cheese is the only suitor to declare its offer final. Its bid of $2 cash plus 1.5 Bega shares was worth about $8.99 based on current prices. In a statement, Takeovers Panel counsel Alan Shaw said no sitting panel had been appointed, nor had a decision been made about whether to proceed further. ""The Panel makes no comment on the merits of the application,"" Mr Shaw said. WCB secretary Paul Moloney said in a statement to the ASX that the company disagreed with the basis of Murray Goulburn's application. ""[We] will respond to it in accordance with the panel's procedures,"" Mr Moloney said. He said WCB would not make any further comment, saying the panel's guidelines prevented him from doing so.