Big Week?, page-48

Morning H,
"it could only mean that the pre-emptive will occur and we're now in a bidding stage for the highest bidder."
I think I know what you mean here. but just to avoid confusion, there is no bidding as such at this stage. Preemption is a right afforded to the remaining jv members. They either exercise the right or not (without needing to raise the bid). The other function of the process is to assure the exiting party that their sale transaction is a done deal - they have their $430m, whether they get it from WPL or one or more of the jv members. The exiting partner is basically foregoing any further bargaining upside in exchange for the clean and timely execution of its sale transaction at the agreed price. (The overriding objective being to keep the project on the road with minimum disruption.)
That's why the rumour of an extension surprises me.
Interesting...
Cheers