I personally think the only way someone is going to take BBP out...

I personally think the only way someone is going to take BBP out is with the blessing of BNB and the board. Any suitor will need to come to an agreement re the BNB management contract and either buy this out completely or reach a long term arrangement with BNB.

An interested party (or parties) may choose to start building a stake on-market in anticipation of being successful, if indeed they are looking to take over the whole company. BBP have said that they may just be interested in a sizeable transaction if it made sense to do so.

If a takeover comes, I daresay agreements will be reached with one or more of the existing substantial holders to acquire their stakes prior to any takeover being announced. A suitor could pick up a sizeable chunk by doing this and then take the rest out on-market, a la QGC.

We know that expressions of interest have been called for and completion of the first phase of this appears to be on 17/12, with a transaction early next year.

Mid-December will be a key time for the company and we should expect the usual spatterings of media coverage. Hopefully the company will say something as well.

BNB are in a world of pain and the continued demise of the BBP share price is contributing to their woes. The fair value of the BBP holding is virtually worthless so BNB has a vested interest in either the SP rising or their stake (and management contract) being sold at a reasonable price. It is very important to remember this fact.

BBP themselves said that there has been strong interest in the business and the assets. If you step back, this is exactly as you might expect - power stations require time, regulatory approval and significant expense to built. With an increasing population in Australia, power demand will continue upwards, not down.