To Raise Offer to 1.5 Bega Cheese Shares and UA$2 Cash and Release All Offer Conditions
To Raise Offer to 1.5 Bega Cheese Shares and UA$2 Cash and Release All Offer Conditions

Sydney, Nov 14, 2013 AEST (ABN Newswire) - Bega Cheese Limited (ASX:BGA) today announced an intention to increase its Offer Consideration to 1.5 Bega Cheese Shares and $2.00 cash, valuing its Offer for Warrnambool Cheese & Butter Shares at $8.87(See Note:1). Bega Cheese also intends to declare its Offer UNCONDITIONAL.

Highlights of Bega Cheese's Offer for Warrnambool Cheese & Butter Shareholders are:

* Offer Consideration will be 1.5 Bega Cheese Shares and $2.00 cash.
* Bega Cheese's Offer will become UNCONDITIONAL and if you ACCEPT you will be paid your Offer Consideration of Bega Cheese Shares and Cash within 8 business days after your valid Acceptance Form is processed (or if your Acceptance Form was processed before the date of variation of Bega Cheese's Offer, within 8 business days of the date of variation).
* Bega Cheese has demonstrated milk price leadership in Victoria.
* Bega Cheese has demonstrated consistent financial performance and shareholder returns.
* Upon a Successful Merger, Bega Cheese will maintain healthy gearing of approximately 32%.
* Keep profits and benefits from the Combined Group in Australia and share in the synergies and upside.
* Both of Saputo's and Murray Goulburn's offers remain subject to conditions.
* Bega Cheese intends to preserve the Warrnambool Cheese & Butter name, operating sites and brands and has no intention to close the Warrnambool Cheese & Butter head office or the Allansford or Mil Lel sites.
* Bega Cheese has a proven history of growing the workforces of, and investing in, the companies it acquires.

The proposed increased Offer Consideration will be Bega Cheese's FINAL OFFER and will not be further increased.

(1) Based on 1.5 Bega Cheese Shares and $2.00 cash and the closing price of Bega Cheese Shares as at 13 November 2013.

About Bega Cheese Limited

Bega Cheese's vision is to be an Australian dairy industry icon; valuing our heritage, people, customers and community. Embracing challenge. Driving change, building for the future.



Brett Kelly
Company Secretary
Bega Cheese Limited
02 6491 7777

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