It;s a case of grow or be eaten. China already took Bellamy's in house. We're competing with the likes of nestle, kraft heinz and danone. I don't see bubs as a current threat/competitor, but if one of the majors or a China Mengniu Dairy.(Bellamy's buyers) picks up Bub's then there is the real possibility that we could loose market share.
We spent $132m in marketing for the quarter. Bubs has a market cap of $106m
How much would we need to spend to grow our US business to the size of Bub's? Is it cheaper to buy them?
At least take a blocking stake so no one else buys them.
BUBs might have enough losses on the books to offset taxes which would make a big chunk of a purchase price
Ann: 1H24 Results Presentation, page-71
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