Investors selling their stake in Warrnambool Cheese and Butter Factory to Canadian dairy giant Saputo will now receive an increased return of $9.40 per share.
Saputo on Wednesday announced it had received acceptances totalling more than 77 per cent of WCB shares.
A hold of more than 75 per cent of shares by Saputo automatically increases the buyout price from $9.20 to $9.40 cash per share under the terms of its takeover offer.
It also automatically extends the offer period, which will now close at 1900 AEDT on Wednesday February 12.
Saputo, Australia's Bega Cheese and Murray Goulburn co-operative were involved in a prolonged three-way tussle for control of WCB.
But the two Australian companies have agreed to sell their stakes in WCB to Saputo.
The Canadian's offer price will go up to $9.60 if it passes 90 per cent of WCB's shares.
At the time that Bega Cheese initiated the battle for WCB in September 2013, WCB shares were trading at $4.51.
WCB shares gained two cents to $9.44.
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