MURRAY Goulburn will regroup and start again in its bid to take over Western District rival Warrnambool Cheese and Butter.

The Allansford company rejected the dairy giant's most recent offer of $4.35 a share at the end of last week, but MG chairman Grant Davies said the way forward would be discussed at this week's board meeting.

"We certainly haven't given up," Mr Davies said. "We have a plan of acquiring WCB because we believe it is the right thing for the Victorian dairy industry."

The most recent offer was the co-operative's second attempt to gain a greater control of milk supply and processing capacity in western Victoria and southeast South Australia.

Despite the intense interest WCB chief executive officer and managing director John McLean said it was "business as usual" after last week's decision.

"We have had a lot of support, shareholders and suppliers are absolutely 100 per cent behind the company," Mr McLean said.

"To get a 75 per cent majority (to approve the takeover) would be extremely difficult at the level we are talking about at the moment."

Last week WCB announced a net profit after tax, for the six months ending December 31, of $8.9 million, up $7.5 million or about 536 per cent on the first half of last year.

Other results included an earnings before interest and tax of $14.7 million, up $10.1 million or about 220 per cent on the first half of last year.

However, the company recorded a 14.7 per cent fall in revenues to $203.8 million.

This was attributed to a 36.7 per cent fall in average commodity prices and a high Australian dollar.

The company also announced a new chief executive, to replace Mr McLean in June.

Parmalat Australia former chief executive David Lord will take over the top job at WCB.

Mr McLean had been instrumental in enticing suppliers back to the company after a mass exodus last year following a decision to drop the milk price to as little as 12c/litre.

Mr McLean brushed off any suggestion of concern about his move from the top job.

"Obviously David Lord has had a lot of experience dealing with farmers in Queensland," he said.

"I'm still on the board in an advisory role as associate director."

"I will still be involved in suppliers milk price and supplier liaison."

WCB currently pays suppliers an average of about 30.5c/litre milk.

Mr McLean said the board would access further farmgate milk price increases next month.

WCB also announced a fully-franked interim dividend of 2 cents per ordinary share, payable on the 26th of next month.