According to today's Australian Financial Review, the three rivals - Canada's Saputo; a consortium of Italy's Parmalat and Victorian Cooperative Murray Goulburn; and another team combining National Foods and Warrnambool - all lodged their formal bids on Friday.

But AFR says hurdles still remain for the successful bidder, with Dairy Farmers having previously stated that its 2000 farmers will be presented with a recommended option later this year.

Dairy Farmers last week released unaudited accounts showing the company has delivered at the top-end of its earnings guidance for the 2007/08 financial year.

AFR reports that this is likely to be about $70 million profit before interest, tax, depreciation and amortisation - a rise of 23pc.