You are right. I didn't intended to suggest that a full takeover of SML by ATM is a serious and likely option. I sort of hoped the wink (;)) would give people a hint, but it looks like I failed with this assumption :crying:.
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Vanguard Group Inc has taken a fancy to ATM. Now holding 5%
https://www.stuff.co.nz/business/far...time-last-year
Interesting article on the possible sale of Tip-Top. Wonder if ATM/SML could be possible suitors. or maybe a float? Who knows
I think Westland Co-op would be a better option. Their values align quite well with SML.
From Westlands last Annual Report.
However, as previously discussed, full implementation of the strategy is likely to require significant new capital. The Board is conscious we have relatively high debt levels and limited financial flexibility. It is therefore timely to look ahead and consider the options that can provide a sustained,higher payout and improve the company’s financial flexibility. Obtaining new capital would make a significant difference to the Co-operative.
I wondered about the Westland/SML combo recently also. My view is that SML wouldn't go near a Co-op model with a barge pole so would look to acquire Westland outright. I'm no expert in this but I would suppose this sale would then require Westland Co-op member approval to proceed. My guess is this would get messy pretty quickly.