From The Australian this...

From The Australian this morning:

http://www.theaustralian.com.au/business/opinion/price-the-issue-for-tinklers-aston-stake/story-fn7rgef9-1226105544563

Indians lead Bandanna race

INDIAN groups appear to be front and centre in the $1 billion-plus auction for Bandanna Energy, although sources say a break-up of the company is more likely than a full takeover.

According to reports in the local media at the weekend, India's Jindal Steel & Power confirmed plans to make an offer to Bandanna's advisers at UBS just hours before Friday's deadline for bids. India's state-run power entity NTPC and JSW Steel were other parties interested in Bandanna, although both were thought to be keen on individual assets rather than a whole-of-company deal.

The Bandanna board, led by Jeremy Barlow, initially called for expressions of interest on three fronts: 100 per cent of Bandanna's interest in any of its development projects; minority equity interest in the development projects; and a change of control transaction at a group level. The company has 1.48 billion tonnes of JORC-compliant coal resources in exploration projects in Queensland's Bowen and Galilee basins but needs money to develop them.
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Special dividend coming our way, perhaps? I'm going to guess that the mob who manage this company will return to shareholders, as they've always said they want to seek value for us (and themselves, who own quite a bit of BND). that would be a decent outcome, imo.