Ann: Bubs Australia - Half Year Results Presentation, page-40

Just a thought, but I'm sure it would at least have been discussed by A2M management who are on the look out for acquisitions to invest their $700M cash stockpile.

Even with a substantial premium, the market cap is smaller than the price tag of A2M's most recent acquisition (Mataura Valley Milk).

The goat formula and A2 formula components of the business are consistent with A2M's focus on milk containing the A2 protein and no A1.

There is also the manufacturing capacity with the Dandenong factory which they might find beneficial for further diversification away from Synlait. Currently they are beginning to in-source some of their ingredients from MVM, perhaps this could also be done for BUB.

Recently, A2 have shown an appetite to move into other categories, such as lactose-free. BUB could easily become A2 milk's goat milk division.

Not sure how it would work from a branding perspective, whether they could simply acquire and keep operating the Bubs brand as it is. Considering how BUB have basically emulated the A2 milk signature purple they could probably just slap an A2 Milk logo on it and no one would bat an eyelid. Anyway, just a theory but I don't think it's the craziest idea.