Bega ups ante in WCB bidding war Milk shake: Bids keep rolling in for WCB. Bega is attempting to up the ante for Warrnambool Cheese and Butter, raising its offer to take over Australia's oldest-listed milk processor and declaring its bid unconditional. Challenges for all bidders This is a tough task for the Canadian company, which has offered $8 cash per share, considering that Bega, MG and Japanese food conglomerate Kirin own about 45 per cent of WCB. Mr Irvin was quick to highlight to WCB shareholders the challenges facing the rival bids. ""If you accept you will be paid your offer consideration of Bega Cheese shares and cash within eight business days after your valid acceptance form is processed,"" he said. Mr Irvin said Bega/WCB would merger would carry less debt than an MG/WCB. ""Upon a successful merger, Bega Cheese will maintain healthy gearing of approximately 32 per cent."" MG managing director Gary Helou said on Wednesday that Murray Goulburn's gearing would be 56.7 per cent if its bid was successful. Mr Helou said he was comfortable with the bid and debt was at a healthy level for cooperatives undergoing expansion. ""We have gone through a very rigorous process with our banks, with our board and with our advisors and we're comfortable with 57 per cent,"" he said. ""It's quite normal cooperative which has many capital raising options available to it. Fonterra was up in the 60s when they were in a similar phase."" Slim chances seen The world's biggest milk exporter Fonterra has since strengthened Bega's bid after it bought 6 per cent of the company on November 1. But RBS Morgans analyst Belinda Moore said she didn't expect the revised offer to change the board's mind.