The Jpower Director cannot be involved in the discussions due to...

The Jpower Director cannot be involved in the discussions due to conflicts of interests and must be excused from ALL discussions. If not then this opens other problems for the board which they will want to avoid.
Another bid can come in and the directors must review it.
If it is at a higher price, then it should be referred to shareholders for a vote. The directors can still recommend a lower offer should they believe that the higher bidder is not in a financial positon to complete, might have FIRB issues to delay settlement or they place other warranties and guaranties on the sale process.
The directors will want to (and should be able to0 walk away with potential liabilities haning over there heads for years (Some shareholders will disagree with this comment, but then they have probably never been a director nor understand future business risk) it is hard enough to find directors to take these risks, no need to pile risk on top of risk).

Just to point out, this is an opportunistic bid, just at the time when the project is about to significantly derisk. I do not know what a fair risk adjusted price is, but it is a lot higher than this. Through the data room, Jpower will have much better information than that which is allowed to be distributed to the market. Jpower is a really smart highly respected operator who would take this opportunity to buy a wrongly priced asset.

The board will be using statements like the bid price is x% above the pre bid market price. This statement always annoys me, as it assumes that the market price actually contains full information and has fairly priced the asset. This is incorrect (sorry to followers of Modigliani and Miller (1958) or the CAPM model which requires perfect transmission of all information but still a critical stunning peice of work to get a stating point and a good place to start reading if you are modeling sharemarket returns).