Murray Goulburn Co-operative moves to thwart Saputo bid for Warrnambool Cheese and Butter DAIRY group Murray Goulburn Co-operative has sought to stop rival Saputo buying shares in Warrnambool Cheese and Butter, alleging some investors were misinformed because of a change in Saputo's takeover offer. The Takeovers Panel has received an application from Murray Goulburn seeking interim orders stopping Saputo processing acceptances of its offer for Warrnambool Cheese shares. Murray Goulburn also wants Saputo to be prohibited from acquiring Warrnambool Cheese shares on-market. And it the Takeovers Panel to order Warrnambool Cheese to reinstate special dividends, with Saputo blocked from varying its bid. Saputo, which is based in Canada, is leading the bidding war for Warrnambool Cheese with an offer worth up to $9.20 a share. The Warrnambool Cheese board has backed the offer. Saputo had previously offered $9 cash a share in an unconditional bid. On Monday, it announced it would pay a further 20c a share if it succeeded in acquiring a stake above 50 per cent by 7pm on Friday, December 13. In the process, Warrnambool Cheese scrapped conditions that would have seen accepting shareholders paid special dividends of 46c and 85c a share. While those sums were included in the original $9 offer price, franking credits worth 56c a share were associated with the dividends. In a statement, the Takeovers Panel said Murray Goulburn submitted that the abandonment of the special dividends meant Saputo's bid would not conform with previous announcements, contrary to truth in takeovers policy. Murray Goulburn also alleges that shares traded before November 25 were traded "on the basis of misinformation" that franking credits would be available. The Melbourne-based co-operative has sought final orders that the special dividends be reinstated and that Saputo not be allowed to vary its offer conditions after it increased its bid to $9.20. In a statement, Warrnambool Cheese said it disagreed with the basis of Murray Goulburn's complaint and would respond in accordance with Panel procedures. Saputo also announced it had built its stake in Warrnambool to 4.799 per cent. Warrnambool Cheese shares were down 2c early this afternoon at $9.24.