Murray Goulbourn have entered the bidding for Warrnambool Cheese and Butter (WCB) with an all cash bid of $7.50 per share over the top of the existing bid from Canadian major Saputo. Competing bids in the market continue to provide investors with the optionality to sit back and let asset prices get bid up. Mark Tobin (Equity Analyst) @wilsonam believes there is still room for a superior bid to emerge, however, it is most likely to come from Saputo who have superior balance sheet firepower to Murray Goulbourn. Whilst Bega might have run their race on the bidding war they still stand to make a handsome return on their 17% stake in Warrnambool. Watch Mark discuss WCB prior to the Murray Goulbourn bid (VIEW LINK)