Rational pricing Peter, I have been looking at that along with a hedge-fund guy who is a longtime subscriber at my site. We have been looking at the real and expected cash flows, assets, balance sheet, talking to Management, etc. to answer that question. While I reserve comprehensive coverage of things for my people, I am willing to give you a general answer.
And I will stick to a general answer because there are a number of assumptions that need to be taken in trying to value a company as an acquirer would.... which is the key to determining likely buyout bidding. Without knowing the methodology, it is not wise to just "believe" an estimate and I cannot write pages explaining that, here. So, my answer is a rough estimate, at best.
Middle $3s seems rational, given the assumption that a creditworthy company can refinance at a much lower interest rate and the Puerto Rican project progresses without a hitch. If there are special circumstances for more than one bidder (Brookfield has at least one synergy more than other possible bidders, location of Wildmare, for example), competitive bidding could take it higher. And it also depends upon the cost of financing and the price to cash flow multiples of the interest bidders.
If there is no competitive bidding, the price will be lower because every company wants to buy at a discount, acquiring assets for less than they are worth.