In January 2017, Canada-based Saputo Inc. was preparing an offer to acquire the remaining shares of an Australian dairy firm, Warrnambool Cheese & Butter Factory Co. Hold. Ltd. (WCB). Saputo Inc. had previously acquired a majority of the equity, but minority shareholders prevented Saputo Inc. from delisting WCB from the Australian Securities Exchange. Although WCB was a publicly traded company, the current share price might not reflect its intrinsic value because its shares were very thinly traded, with most shares being owned by Saputo Inc. and a few minority shareholders. Saputo Inc. had to determine an appropriate offer price for the acquisition.