A2M itself doesn't have a CNCA licence either. It relies on its...

A2M itself doesn't have a CNCA licence either. It relies on its manufacturer for this. Most IF companies don't own their manufacturing, so this is a mute argument.

Also, BAL would be in the top 3 brands for Bega and Fonterra, so it's not in their interests to play tough otherwise they are shooting themselves in the foot. As we've seen with Blackmores IF, entering this space isn't easy, so it's unlikely Bega or Fonterra will begin manufacturing their own brands. Bega's 50% partnership with Blackmores was a write-off, so they have already been bitten going down that path.

BAL are in medium-term trouble, however, they'll still be around in 5 years. They still make a truckload of revenue and once the current issues are sorted over the next 12-24 months, they'll still be very profitable. I'm happy to buy shares in my super account if things get ridiculous and it goes sub $3. At $3 it has takeover target written all over it.