Why the JV idea at the time?
That probably gives rise to the idle TO talk by offshore mainland suitors like Yili and Mengniu and/or even Dairy Crest.
Agria is now deemed to be interested in Australian/ NZ stocks which is also narrowed down to those listed above by AO but also A2M and AHF the usual butt of these TO bid rumors.
IMHO but pls DYOR there is a substantial management decrement and discount in the SP from Michael, Peter, Adrian and all.
Looking for positves, page-494
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