Hi Nicholas,
LLC is undoubtedly a “cleaner” business than it was only a few years ago and back in 2019 it was rumoured to be a target of a Japanese company but nothing came of it. There was a story in the Australian back in July that they could be on someone’s menu but it was the same source which was wrong in 2019. Never say never but we wouldn’t be buying LLC for this primary reason, we prefer to buy a stock we like that could also be a target i.e. M&A is the potential cream on the cake. The next 12 months will be tough for LLC as they continue to turn the ship around. I’d be looking at LLC again in around 6 months when they are further along the turn around path.