I guess that's a fair call - but hostile takeover bid or not,...

I guess that's a fair call - but hostile takeover bid or not, this is surely a good opportunity to facilitate some excitement between potential bidders. Prior to UAC's offer, the Iberdrola offer probably seemed like a really good option to the board considering the risks in the energy market at the moment (low demand, federal push for cheap gas supplies etc.).

However with another bidder in the game surely the strategy needs to adapt to maximise shareholder value rather than playing favourites.