The dairy brand, owned by Arla Foods, kicked off a review of its UK account in August after splitting with the 11-year incumbent, CHI & Partners.
The four agencies that pitched were Creature, Dare, Krow and Leo Burnett.
Last week, Dare and Krow were knocked out of the process, which was handled by ISBA.
CHI & Partners captured the account in 2003 after beating BMP DDB and M&C Saatchi in a pitch.
The agency created activity including "made by cows", which showed cows clocking in as workers at the Anchor butter factory.
Anchor’s media agency is Carat, which is unaffected by the review.