All the Australian wine growers are struggling because of that China trade ban induced glut. All that money spent on branding and pretty labels on bottles and people sometimes forget that wine is mostly just a commodity product and prone to cobweb cycles. Makes sense to me to just buy a bunch of producers down here on the cheap, cut out some head office OPEX and wait for the cycle to turn. Then spit it back out onto the market. STAM was involved in the Accolade purchase. They love those capital cycle type plays.

I don't really have much of value to add to your specific question though, but at the bottom of the cycle you don't usually see bidding wars.