MURRAY Goulburn says its takeover bid for Warrnambool Cheese and Butter (WCB) is being hamstrung by the regulatory process.
Murray Goulburn is involved in a three-way tussle with Bega Cheese and Canadian dairy giant Saputo for control of WCB.
Murray Goulburn requires the Australian Competition Tribunal to approve its bid on national benefit grounds, a process which Murray Goulburn says could take three to six months.
In the meantime, the Foreign Investment Review Board (FIRB) has already approved the Saputo bid.
Murray Goulburn managing director Gary Helou told shareholders at the dairy farmer co-operative's annual general meeting that Murray Goulburn found itself on an uneven playing field in its own country, in relation to its bid.
"Of the three bids, ours is the most handicapped by conditionality, and there's nothing that we can do about it," Mr Helou said.
"I think FIRB was extremely rash in approving it (the Saputo bid). That was a terrible thing for us."
Murray Goulburn chairman Philip Tracy said Murray Goulburn had one hand tied behind its back.
"We certainly feel like we've got one hand tied behind our back at this point in time," Mr Tracy said.
He urged Murray Goulburn shareholders to lobby Canberra on the matter.
"There's little influence other than political influence that can help," he said.
Mr Helou said Murray Goulburn was still in the bidding war for WCB despite its disadvantage.
He said Murray Goulburn would put its case to the Competition Tribunal on November 29.
Murray Goulburn reserved the right to review its current bid before the tribunal's consideration of the offer.
Mr Helou also said that he was disappointed that the board of Warrnambool Cleese had been so quick to endorse the Saputo offer.
Saputo has offered $9 for each WCB share, matching Murray Goulburn's offer of $9.
Warrnambool's board has recommended acceptance of the Saputo offer.
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