You have to remember that a good chunk of these gains are simply...

You have to remember that a good chunk of these gains are simply a re-rate of the stock following it's February results.

It almost hit $6 immediately after the HY results but I think uncertainty about Synlait's financials have put the handbrake on things for a while.

My theory is that A2M is headed towards an acquisition of some kind and perhaps that is leaking out. NZ is a small place after all. Consider the following:

1. A2M has $800M burning a whole in it's pocket.
2. They have repeatedly flagged the intention to use it for supply chain M&A.
3. A whole bunch of NZ and Australian dairy assets are going up for sale at present, including sales by Fonterra and Synlait.
4. A2 has a cooperation agreement with Fonterra and sells its milk in NZ under the Anchor brand. Fonterra is selling $3B+ worth of its assets, including its Anchor brand and a range of manufacturing facilities.
5. And obviously Synlait is selling just about anything including the kitchen sink. There is a small possibility A2M could get Dunsandel, which would be a massive coup and likely allow it to take over its own China label production. Bright may continue sinking money into Synlait, or they could be looking for a way out. If Synalit manage to offload some of the other parts of the business A2M don't want, A2M could be interested in Synlait itself.

If any of the above is the case, you aren't going to hear about it until an offer is made, because negotiations don't tend to happen out in the open.