proposed 1 billion sale

I might be missing something, but why would a large investor/fund sink 1 billion dollars into CNP, when for less than that they could make a take over play and own centro out rite and a 51% stake in CER.

I know they would be taking on a lot of debt, but if we are to believe market commentators, these investors/funds are sitting on large amounts of cash that needs to be invested to return a larger % return than bank interest.

So a large investor/fund could approach the banking syndicate, that currently have a deal on the table that gives them approximately 90% of the business, and negotiate a buy out price, lets say $0.50 per share, this gives them a massive premium on there assessed price of $0.14 per share at the time of the debt stabilisation negotiation, and would cost approximately $500 million.

They could also negotiate how much additional cash needs to be paid off existing debt to enable them to get the LVR to an bank friendly level. Lets assume 2 billion.

So for 2.5 billion an investor/fund could buy CNP and obtain 51% of CER, and looking at the upside over the next say 5 years they would make an absolute fortune.

Any thoughts anyone.