Ann: Market Update - Wilsons and Agfood Conferences, page-27

If a PE entity proposed a takeover, MD QH might be snapped up by another listed company, thus increasing the risk for the potential acquirer.

RIC is a highly specialised business, unlike say RiteBite's Darrell Lea chocolates. With the OMP acquisition, the complexity of RIC has risen, so a generalist with no experience in the subsector might not make a good CEO.

The best defence against takeovers is a rising SP and contented SH. We can't speak for instos.but smaller retail SH seem OK with management and results. RIC can't control the weather that may be decreasing demand for stock feed.