wheres this 90% of final equity coming from? why would anyone buy 90% but not 100%? isnt their provisions for full take over once 80% has been reached?
i really dont buy into the csi wanting 90% of BBI. i could understand them wanting BBI's stake in NGPL or DBCT.
wouldnt 100% of BBI cost under $500mil today? he could offer 20c for 2.5bil shares, then swallow up those who dont accept. sure beppas would still be in play but if the csi is willing to take on $9bil of debt im sure he can handle beppa anytime he choses.
i understand the csi is helping BBI out of a jam and has alot of bargaining power, but at the end of the day its still a negotiation. there will be back and forth regarding csi entry price and beppas.
it may reach a point where csi realises certain things cant happen and he will either walk away or find away around it. beppa is one such thing. i suspect a nice offer of 5:1 roughly. take it or leave it.
the remaining beppa may be a manageable amount.
also i dont buy into the theory of issuing 1trillion shares at 1c each. it is equally counterproductive to the csi as it is to ord holders.
cheers
BBI Price at posting:
5.2¢ Sentiment: None Disclosure: Not Held
