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Bega Cheese set to buy Lion with $500m-plus offer | The Land




All eyes in the dairy industry are watching Bega Cheese, expecting the NSW-based former farmer co-operative to confirm this week it will buy Japanese-owned Lion’s dairy business.

Bega, which has halted trading in its shares until Friday promising news of “a proposed acquisition” and capital raising, is officially still undertaking due diligence on its takeover target.

However, speculation has been in overdrive this week about the company being ready to pay about $527 million after a leak from Japan’s Kirin Holdings, reported in the Japanese financial press, suggested the Lion deal had been done.

The sale was later denied by Kirin, but industry observers noted the report was surprisingly well informed and followed close on the heels of news…

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