should BPT take out ICN now?, page-18

For the record, I don't see BPT making a predatory move on ICN. They just divested a chunk of 855 for not a lot of cash, and you can bet ICN will want more than the $18m on offer for 4.9% of the remainder.
I do think BPT is in the market, however, with reference to Reg's comment about other faster to market opportunities.
ICn doesn't have any large shareholders to pull a trick like the ADE sale, and the top 20 only control 26%, so an offer would almost certainly need board endorsement to get over the line.
Could Ray James and Reg Nelson work together as a merged business? Gassed can probably answer best, but I doubt it, and I can't see a deal being done without his support (RJ's, although probably Gassed's as well!).
All that said, I think ICN would be a good fit for BPT if you could get over the personalities, and further south, STX could line up too.