takeover now more likely than ever, page-45

The question is whether someone is willing to take on the debt etc to the value of over $5/6 per share in a complex company and in a credit environment that looks all the more sus.

A company like Westfield can approach administrators after the event and come in with a reduced offer for the properties that sit with their business.

If your waiting for a take over you can forget it. The only way that CNP will survive is to sell some of its premium assets at vastly reduced prices.