Funds managed by Sandon Capital together represent the third largest bloc of shares in WCB. Dividends such as the one we propose have featured in many takeovers and schemes in recent years. We believe the IBC has erred by not including a dividend as part of the takeover consideration, and as a result has let down WCB’s minority shareholders.

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Saputo Inc. has launched a takeover offer at $8.85 per share for all the WCB shares it does not own. WCB established an independent board committee (IBC) to consider the offer. The IBC has recommended the offer subject to an independent expert’s opinion. We believe the offer should be revised to include a fully franked dividend component.  We are yet to receive a satisfactory response.

Sandon Capital released a presentation that details why we believe WCB shareholders have been sold short by the Independent Board Committee’s recommendation of the takeover offer by Saputo Inc. We have analysed the financial information contained in the Target’s Statement (issued by WCB) to update our views on the potential value of WCB shares.

Saputo announced that it had raised its offer price to $9.05 per share for all the WCB shares it does not own.

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