Only 2 months ago, Mars bought another vet business, Anicura, in...

Only 2 months ago, Mars bought another vet business, Anicura, in Europe. Anicura has sales equivalent to ~AUD500M with ~200 vet hospitals and 4000 employees of which 1200 are vet professionals when it was purchased by Mars for 1-2 billion Euro (AUD 1.6B-3.2B, note sources seem to imply it's closer to $2B Euro).

GXL has 160 GP clinics and 37 Specialist & Emergency centres (a total of ~200 sites) with revenue of $241M just in Australia. Just looking at revenue alone, I would think that Anicura’s scale is ~2-2.5 times the size of GXL’s vet business in Australia. Even assuming that Anicura’s business is 3 times the scale of GXL, and assuming the low end of the takeover price of $1.6B, that means just the valuation of GXL’s Vet Business in Australia can be up to $500M AUD. If so, are we getting the retail business that generates $70+M EBITDA for free by buying GXL at $4/share today?!

https://www.nordiccapital.com/news/...ne-of-the-largest-transactions-in-its-sector/

https://www.ft.com/content/549e7260-6d4c-11e8-852d-d8b934ff5ffa

https://richlandstandard.com/why-food-firms-have-growing-appetite-for-pet-sector/