No, there's never been anything to substantiate any of the...

No, there's never been anything to substantiate any of the takeover rumours that get a run from time to time. Saputo was another one. It's just clickbait.

Margins are lower because the daigou channel used to negate the need for a lot of costs. Daigou is never returning as it previously was and what little is left won't look or function the same as it did. The whole sales channel mix and consumption patterns have shifted towards e-commerce, but that involves a heavier marketing investment as well as costs involved in compliance with the various regulations for cross border commerce.

The upside is the business isn't completely reliant on a sales channel they have no influence or visibility over. The main way they can now reduce the cost of sales back down is to take more control of their own manufacturing which is what they're aiming to do with MVM.