The Murray Goulburn Co-operative says it is not yet out of a bidding war for the Warrnambool Cheese and Butter in Victoria.
Managing director Gary Helou raised the bid last week and says he may not have finished yet.
Warrnambool Cheese and Butter requested a share trading halt on Friday as it negotiated a revised offer from Saputo, a Canadian company, of $A9 cash per share.
The WCB board has since recommended that shareholders accept the offer.
In a matter of weeks, WCB has gone from a relatively obscure dairy business to one of the hottest properties on the ASX, due to a frenetic three-way bidding war between Murray Goulburn, Bega Cheese and Saputo.