So is the market simply getting food wrong or are these dynasties seeing something public investors can’t – or won’t – price in? At the same time, he argues, strategic buyers are simply seeing value that a diversified institutional shareholder never could. Take Utz: Intersnack gets immediate scale entry into the US snacking market, a century-old family brand with established retail relationships, a domestic manufacturing footprint and a founding family that retains a large shareholding and stays motivated. How family dynasties value food differentlyFamily owners can move at the negotiating table with a patience and long-term outlook that public shareholders rarely afford. What makes food companies takeover targetsAcquirers weigh category stability, brand equity and distribution strength when sizing up potential food targets.