Street Talk understands Kirin and its advisers at Deutsche Bank fielded three bids for the $500 million plus business on Wednesday evening, in the decisive round of the auction.
It is understood Canadian dairy company Saputo, ASX-listed Bega Cheese and alternative asset manager Tanarra Capital all lobbed bids, as expected.
The trio have been in the race for some time, and tabled indicative offers for the white milk, milk-based beverages, yoghurt and juice business in early October.
Kirin and its advisers are expected to go through each bid over coming days and seek more clarity on the offers where required, before picking a winner.
You’d have to think the Japanese drinks giant would be keen to wrap the process up quickly, given Lion Dairy and Drinks has been up for sale for the best part of two years.
Kirin launched a strategic review into the business in September 2018, running an on-again off-again auction before reaching a $600 million deal with China Mengniu Dairy in November last year.
That sale was scuttled at the last minute by the Treasurer on national interest grounds sending Kirin back to square one.
However, with three bids now to choose from, the light looks to be appearing at the end of the tunnel.
