Bega Cheese is yet to decide on a possible increase in its bid for Warrnambool Cheese and Butter, which is currently the target of a three-way takeover battle.

The Bega Cheese board met on Thursday to discuss its offer of $2 plus 1.2 Bega shares for Warrnambool shareholders, which currently amounts to a value of about $7.80 per Warrnambool share.

But the company said it was yet to decide whether or not to lift the bid.

Warrnambool’s board has already recommended a $8 per share from Canadian dairy giant Saputo, while dairy cooperative Murray Goulburn has put forward a $7.50 per share bid.