It would be naive to thin that there is not a gentlemen's...

It would be naive to thin that there is not a gentlemen's agreement between TCI and Iberdola for their remaining stake once acquired and de-listed.

It is one advantage to holding such a large block of shares and voting power in an entity.

Regarding the volume of transactions above the proposed price, looking at the overall amount relative to the free float on offer and the likely trader interest, I would think its not clearly indicative of the market assuming there is a new bid coming. A new Substantial notice holder for an existing party would state such an intent.

The reason I dont believe UAC will offer up a better offer is the length of time IFN has been in talks with Iberdola, the substantive relationship TCI has with Iberdola already. They were after some low-hanging fruit and unfortunately stumbled into an ongoing negotiation.

These kind of assets and businesses are never truly built and designed to be run longer term, they are almost always done with the end goal being acquired or selling off assets.