Ann: API - 2017 AGM arrangements, page-8

This company is not like any other company which could be taken over to serve a larger retailer. In my opinion API can only be merged or integrated with another supplier to save on admin costs but the savings might not be much as percentage of sales so no great advantage to merge. So what are the benefits campared to other in the wholesale retail chain business?
I'd say the main benefits are income supported by a virtual government monopoly.
Anyone got a different view to mine?