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Dairy Farmers get price rise for voting yes
26 Aug 2008
Farmer owners of the Dairy Farmers co-op will receive a milk price rise of between 1 and 2 cents per litre if they vote to accept the takeover bid by National Foods and Warrnambool Cheese. A 75 per cent majority of farmers who have shares in Dairy Farmer''s owner Australian Cooperative Foods is needed to approve the $910 million bid. Under the bid the Dairy Farmer''s cheese brands Cracker Barrel, Coon and Mil Lel will be put into a joint venture with Warrnambool which reported a full year net profit of $24.5 million, up 155 per cent on last year. Directors of the Dairy farmers Milk Co-op which is the Milk buyer for ACF unanimously supported the National Foods/Warrnambool bid. Shareholders in Warrnambool will get a fully franked dividend of 11 cents plus a special dividend of 16 cents.
Herald Sun, 26/08/2008
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