Ann: Appendix 4E and 2024 Annual Report, page-6

I think mgmt have been trying to get bought out for some time.
They might think that they are worth $3.00 a share (based on some punch multiples when craft beer had its heyday).
Though I think that is very optimistic (it would imply a ~$400m market cap, $432 EV). And that is not typically how takeovers work in listed companies.

Potential acquirers usally sneak on the register for their first 10 -15% stake (nibbling away on market, or find a substantial shareholder looking to exit on bblock trade). Then a takeover premium is usually 30 - 60% above last traded value. This obviously varies alot but I cant recall anything like a 100% premium (52 cents per share in the case of GDA) ever getting offered. It would be interesting to know what shareholders would be willing to accept.
Certainly no dividends on the horizon so I think a few would be happy to sell out. Mgmt less so as they will all lose their plumb $400K - $500K jobs. Knowing there is no way of finding this sort of deal elsewhere in craft-brewery land.

I'm not sure how interested the multinational brewers are in the hospitality business, since none of them seem to operate their own, outside of the token venue attached to their landmark breweries (little creatures geelong - not sure if still running). Hospo business venture was a weird idea for gage. And mixed results... as per Redfern. 5-10 years ago this would have been worth something on resale, mgmt are effectively saying it's worth $0.

The beer market is in very different shape now. The little guys are struggling hard with costs, and the overall market is in decline.
As others have said, not an area that govt wants to support (due to alcohol and public health). So it's tough out there.

As a going concern, GDA wears some $30M of debt (mostly on 12 month revolving with CBA) plus a $7.7m facility limit in non-current.
Hard for them to pay this down from ~$8m of EBITDA (and 1.5m of operating cashflow!) So will CBA extend this forever...?