icn about to break out on open, page-38

Mav, a serious question. You have been on the side of a BPT takeover all along. Quite seriously, how do you think that they could manage a 90.1% successful offer? Do you think that they would be interested in any less, say, just control at 50.1 and what would that cost?
They soon will have an IC of 1.2 billion shares to help you do your sums.
At $1.50 to ICN's .30, wouldn't you think that it will take at least $280 mill to get 50.1%, at least??
Cash is too hard to get, so I don't think they would use any of that hard earned, including the latest SI and/or loan facilities. It will need every bit of that for their own work.
So, to attract 50.1% at, say, $280 mil (conservatively) they would need to offer ICN SHs .60, or, 1 BPT share for 2.5 ICN shares. That will take over 180 million BPT shares @$1.50. Would they do that with the very distinct risk that it would not succeed and they will be left looking very silly to the market and its own SHs? If .60 didn't get 50.1% what would that do to ICN's SP?

We did read from BPT no less, that "we are on very good terms with all stakeholders in APT855". BPT AND ICN are stakeholders in APT855.