Surely now would be a very good takeover opportunity for someone...

Surely now would be a very good takeover opportunity for someone with a strong balance sheet, they would have no problems rolling the loans into a long term refinance as their overall LVR would be acceptable. Probably at lower % rates too.

So I would agree that 90c wouldn't be far off the money. Would it get accepted?

A very good chance I reckon. Who is left holding, and what is their average price. I would have thought many would have either exited, or be under the 90c mark, and the major shareholders who haven't changed their position have large loans to CNP which they may prefer to settle for the lower price with the trade off their loans will be repaid in full.