They already have a blocking stake and enough cash to buy a further stake if a TO comes from somewhere they don't like. I suspect the CFDA was the reason they took a greater stake in Synlait.
But remember that a TO of Synlait by someone else doesn't mean they get automatic CFDA certs for their own products, they would have to go through the same process again.
Ann: Ceasing to be a substantial holder, page-22
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