RE:RE:RE:RE:RE:RE:RE:RE:RE:Brookfield's offer outpacing PPL'sQ writes: "In order to get 26% in the original offer the share float numbers are used. This must all be all they need to acquire for the tender to be effective and the only shares the offer pertains to."
I'm not understanding your point. The estimate of 26% of the gross dollar amount of the offer is to be by conversion of IPL shares into BIPC shares, to a maximum of 31MM BIPC shares at the conversion factor of 0.225. For all IPL shares submitted, if the required total of BIPC shares exceeds 31MM, or ~137,777,778 MM IPL shares then each holder's submission will be pro-rated so that the number of BIPC shares will not exceed 31MM.
So if, say, ~207MM IPL shares are offered for conversion by all holders, then the number of shares offered by each holder will be reduced by about 1/3. You offer 12,000 shares for conversion, only 8,000 will be accepted. For the other 4,000 shares you will be given cash, 19.50 a share.
The float total is irrelevant for this calculation, the ~138MM total IPL shares to be converted is a function of the number of BIPC shares allowed to be converted, i.e. 31MM at a rate of 0.225 per IPL share. It has nothing to do with the float or the total number of shares issued.
But the total number of shares is relevant to the acquisition, whether they are held by institutions, insiders, etc, they must all be acquired, ~429MM.