old hc back, page-33

And good point about the Chevron investment. I've come to think of it as $350m, but it is indeed staged, and they can walk away (or renegotiate) at the end of each stage.
In terms of TO potential, I was dubious of BPT as a suitor for ICN, but at a cap of $80m while they can be called for $18m for 4.9% of 855 must be prompting to look them over.
Even a failed hostile crack would likely leave them with a blocking stake of 25%-40%.