Synlait cannot really "dump" A2M in terms of their business (as it is their main source of revenue) or force A2 to give up its 20% stake. Like it or not they are stuck with us (and we are stuck with them for a long time yet).
The 20% effectively neutralises the possibility of a takeover by Feihe, Mengniu, Nestle, etc. A foreign takeover would probably also be challenging to get approval for though the NZ's government's takeover board.
Instead what I guess you might see is something more akin to MVM where one of A2M's Chinese partners like CAHG goes in together with A2M. Presumably in that scenario it is harder for A2M to say no and block, but also they would prefer to be in control. And if they are in control then it is liklier the takeover gets approved domestically.
All purely hypothetical of course - and still does not answer the question of whether or not it would be a good thing. It just may end up necessary under some circumstances. At least after MVM they should know what they'd be getting themselves into now...
A2M Price at posting:
$5.52 Sentiment: Buy Disclosure: Held
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