i think with BEPPA the 6c accrued interest is the determining factor that makes it very difficult for a rival bid.
lets face it, BEPPA own BBI, wether you use BEPPA face value or market value, it is significantly more than BBI market cap. even though its debt and not equity, thats just a timing thing. Beppa can convert at anytime and even if left til 2012 will end up owning BBI.
if a rival came along and wanted to let Beppa remain, i think the carrot of 6c back interest will make and bid struggle unless they match the back interest. not to mention change of control events and such that will see to that anyway.
how many insto including RBS can make a serious bid that values BBI above the current 4c and pays out beppa back interest. then find money to pay all BAM costs for failed bid and likely lose the better assets under 12month option over assets.
the harsh reality is that for a new deal to be better for BBI holders, the margin for the instos will not be worthwhile.
the deal is done as far as im concerned, and they have been structured in a way that has given holders of all securities time to exit in an orderly fashion.
the only way the deal may get better is if BAM themselves sweeten the deal. but i doubt they will, and if they did it would work out at a very small amount per share. not worth holding out hope on.
DISC:BEPPA+SPP rights
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