Murray Goulburn Co-operative Co Ltd, still has faith that its bid to buy Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) will be beneficial for it. The views of the company about the takeover remain intact, even though WCB has refused the offer.

Talking about the $173 million bid, Murray’s Managing Director, Stephen O'Rourke said that even though he was ‘disappointed’ with the decision, he is keeping his faith alive.

While Murray is a milk processing company, WCB is a Victorian dairy company. There is also belief in the market that Canadian dairy giant, Saputo, has also approached WCB for the takeover bid.

Till now, Murray has made an offer to buy equity for $4.35 per share. WCB has rejected this saying that the offer is underestimating the real value of the company.

While, WCB says that the revised bid by Murray is higher than the earlier quoted price, the new offer is ‘unsoliciated, non-binding, indicative and conditional.’ It also found that the offer was not addressing the concerns of the WCB shareholders fully.

WCB posted a significant rise in its profits for the first half of this year. The outlook is also very positive.