Ann: Full year guidance update June 2023, page-18

'The Australian' in its Data Room section of the business pages claims that USA giant company Auto Zone Auto Parts is 'running the ruler over BAP.'

I don't follow the latter but it's in a different subsector to SNL, even though both sell automotive parts (but not to the same type of operator/owner, by and large).

So we can't draw any conclusions, but it's of interest as it demonstrates how mundane subsectors doing well can attract foreign companies' attention.

SNL has good defences against a takeover bid given Directors' "shared alignment" with institutional and retail holders.

My hunch (no more than that) is that Directors of SNL would be most unwilling to accede to any takeover bid as the former can see better and bigger things coming.

My hope is companies like SNL remain publicly listed, even though receiving 'cash' (as occurred with previously listed BIN) can be superficially attractive.