takeover bid not involving beppa

A point to remember is that a takeover of BBI doesn't necessarily have to involve BEPPA. When Multiplex got taken over by the Canadians, the Multiplex notes were not included and continue to trade separately. So a predator of BBI would not have to take out BEPPA and they would probably elect not to as it (BEPPA) is a very cheap form of finance.