Dairy product manufacturer Warrnambool Cheese and Butter Factory Company (ASX:WCB) has recommended shareholders reject a recent confidential takeover proposal.
The unsolicited proposal is incomplete, non-binding and subject to multiple conditions, the company announced in a statement, urging shareholders not to sell.
The offer also undervalues Warnnambool, which has improved its prospects significantly in the past six months, the statement added.
WCB shares have risen 17.3% to $2.58 today, after an 8.4% spike yesterday.
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