RE:RE:RE:RE:IPLBIP indicated they had already approached IPL management with offers in the $17 to $18.25 range, and IPK this morning released a statement confirming the previous offers in that range, which they rejected. Given that, the $16.50 looks like a lowball bid, which BIP knows will not fly, but then they will come in with a higher offer hoping that shareholders will go for it when they see the original offer has been sweetened. IPL is currently trading about in the middle of the previous offer range, at about $17.60.