34,
My view is that WPL have a contract. It would be most odd for them to go back to COP and say "Hey, we want to re-negotiate and pay you more!" When existing partners have PE rights there is nothing that WPL can do to prevent themselves being left out in the cold if existing partners exercise their right. That is the chance they take. Best they can do is go to the existing partners and say "If you take the shares (as is your right, at the same price) then we want first right of refusal if you wish to on-sell"
Big Week?, page-73
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