On Friday, Montreal-based Saputo heaped pressure on WCB shareholders to accept its final $9-a-share cash bid, extending its offer one last time until January 22.

Rival WCB bidder Murray Goulburn is still battling to get its $9.50-a-share cash bid through the Australian Competition Tribunal. The Victorian farmer co-operative's tribunal hearing is due to begin on February 10, but the direct tribunal appeal Murray Goulburn is pursuing has never been tried before and the outcome is uncertain.

The firm deadline on Saputo's offer, and the prospect of losing the only live bid on the table, has given the Canadian company momentum with acceptances to its offer surging past 26 per cent.

In an announcement to the ASX on Monday, Saputo at the weekend said its acceptances had jumped from 21.4 per cent to 26.4 per cent.

Murray Goulburn, which owns 17.7 per cent of WCB, has the option of raising its takeover bid to try to halt Saputo's momentum and drag the takeover battle beyond next Wednesday's deadline.

In an effort to demonstrate its commitment to winning the prize, the farmer co-op has already flagged the prospect of buying WCB stock on market at prices of up to $9.50 to take its stake up to 19.9 per cent.

But while another bid is possible, it is considered unlikely given Murray Goulburn's existing $9.50 bid is already strong and the real problem is the conditionality of its offer.

The WCB share register is largely made up of strategic players and hedge funds, with most retail shareholders having sold their stock. Hedge funds and other unknown interests hold about 27.1 per cent of WCB, and that chunk of stock alone could get Saputo over the line.

Bega Cheese, which pulled out of the WCB bidding war in December when the price got too hot, is the player everyone is watching as the January 22 deadline looms.

If Saputo can secure Bega's 18.8 per cent stake it is likely the Canadians will win.