The thing is with BP, is if they were prepared to buy now for...

The thing is with BP, is if they were prepared to buy now for $1-$2b, then we would be crazy to sell! BP, who value certainty over speculation, would have just played their hand and everybody would know this is now a potential $5-$10 stock.

My point here being, BP have to come in now with a higher-than-most-expect offer, or else they betray the real value they see in PAA. A lowball offer simply wouldn't cut it as all that would do is alert everybody else that there is real value here. BP making an offer now, without that certainty of trial results, would give the game away for them (i.e. demonstrate their confidence in the product). So their conundrum is lowball and give the game away, or highball and carry the risk themselves. I expect they will wait for a bit more certainty - e.g. end-of or part way through Ph2, or perhaps some other catalysts like further good news from the OLE study and/or some of the work being done on other neuro degeneratives.

I believe there is enough control of the company in the top-end of the Register to prevent any lowball bids being accepted.