Great question ... to which I can only guess an answer... if it was going to be a bidding war - wouldn't it be something that would occur before their existing offers expire??? Iberdola have to inform the market by 23rd July if all of the defeating conditions have been met (which includes 50% interest)... offer closes 30th July. They won't increase their offer until this offer gets defeated...
UAC is priced less right now - so it is doubtful to get many offers accepted (you would think). I just checked their offers and note they have a TRS in place to increase their stake to 19.9%... which is basically the same stake as Iberdola will have if they defeat conditions and pay TCI for the 20% holding...
If either buy more on market... they have to modify their bidders offer to match their last buy price - as the current SP is above their offer prices...
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