Agree richrichie t/o by BPT not in the equation, unless it becomes simply too juicy for BPT to ignore. Especially with BPT's SP steaming ahead and ICN's moving ever so slowly.
Also I don't think that ICN will allow BPT any extra share of 855. Are the two companies THAT friendly towards each other?? Think not.
Nor will ICN ask BPT for extra funding of their share of 855. ICN won't let BPT plant a wooden horse in its share registry like ADE did.
My guess is that either BOTH BPT and ICN get the same deal from some outside funder as a result of BPT opening its data room, or each will find its own with appropriate equity to the funder, very likely in the form of 20% j/vs.
But, can't see ICN voluntarily giving equity in the company to anyone if they have any choice in the matter. Now, THAT is the $64 question.
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