I doubt MMM will want to get into a bidding war with Hello...

I doubt MMM will want to get into a bidding war with Hello Fresh, doesn't strike me as their style.

If I was an investment bank wanting to put a rival bid together, I would be looking at Private Equity, or one of the traditional food producers.
Aus top 10 here - https://www.foodnavigator-asia.com/Article/2017/11/02/Australia-s-top-10-food-firms-by-revenue-revealed-and-soon-none-will-be-wholly-home-owned

Youfoodz has an exceptional delivery network already built across Australia, they are moving into groceries, imagine the benefits for a food producer with a broad range being able to bypass the Supermarkets and sell their products directly to consumers, while also supplying the YFZ production of ready made meals.