MURRAY Goulburn has acquired close to a 5 per cent stake in Warrnambool Cheese and Butter.
In a statement today, MG said that during the week it had received an approach from a shareholder seeking to sell its WCB stock.
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MG agreed to acquire that stock, and had bought further stock on the market, the co-operative said.
The co-operative's announcement comes a week after Allansford-based WCB rejected the MG's most recent offer of $4.35 a share at the end of last week.
“This demonstrates that, despite the WCB board’s assertions, a number of WCB shareholders support our views,” Murray Goulburn managing director Stephen O’Rourke said.
“We also remain convinced that a merger between MG and WCB is the right thing for suppliers.
``We are now focused on engaging with both WCB shareholders and suppliers to explain the benefits and logic of our recent proposal.''
