I think HP-RIO JV would be smart to make a bid that ALB couldn't go over.
So if HP-RIO JV would make a bid around $3.20 ALB could easiy match it as they need KV Project more than anyone.
So HP-RIO JV must put a bid around $3.50 that ALB can't go over it.
$3.20 or $3.30 would be kind of bids ALB can go over.
But $3.40 or $3.50 would be a safer bid for HP-RIO JV I guess.
If ALB can go over $3.50 then HP-RIO might have to make a bid around $4.
Keeping it Simple, page-72
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