TAKEOVER target Warrnambool Cheese and Butter Factory (WCB) says it doesn't know why a large volume of its shares has been traded, pushing the share price up by around eight per cent.
WCB shares were 65 cents, or 7.78 per cent, higher at $9.01 at 1355 AEDT on Tuesday, compared to Monday's close, with more than 5.3 million shares changing hands.
The company said, in a statement to the Australian Securities Exchange on Tuesday, that it noted that about four million shares had been traded on Tuesday at prices of around $9.25 per share.
"WCB is not aware of the reason for the unusual share trading," WCB said.
The company currently is subject to a takeover battle between three suitors: Bega Cheese, Murray Goulburn dairy co-operative and Canadian dairy giant Saputo.
Saputo leads the bidding, having raised its offer last week to $8.00 per WCB share, which values WCB at $449 million.
The WCB board has recommended that shareholders accept the revised Saputo bid in the absence of a superior proposal.
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