Warrnambool's shares closed at AU$9.25 in Wednesday trading on the Australian Stock Exchange, up from AU$4.51 prior to Bega Cheese's initial bid Sept. 12 that prompted a three-way bidding war with Saputo and Murray Goulburn. The takeover panel -- a peer review body that regulates Australian corporate control transactions -- said it hasn't decided whether to conduct proceedings and declined to comment on the merits of Murray Goulburn's application. Warrnambool, which is supporting Saputo's bid unless it receives a superior offer, said it disagrees with Murray Goulburn's application but wouldn't comment further until panel proceedings. Reports in Australia said Bega Cheese agrees with Murray Goulburn's application and will decide whether to join the effort or launch it own challenge. Bega and Murray Goulburn each own about 18 per cent of WCB shares. Lion, which is owned by Japanese food conglomerate Kirin, controls 10 per cent.