Brookfield actually lowered their offer
Previously they offered $19.50 in cash and suggested they would add .90 if the breakup fee was eliminated which means most IPL shareholders were expecting $20.40 for the cash offer.
Today the new and improved cash offer is $20.00. It is lower than what was expected.
This confirms to me that Brookfield is not serious in trying to win. They are trying to force PPL to sweaten their offer so they can profit from it.
I'm not expecting PPl to increase their bid prior to the special meeteing at the end of July. If they fall short thre is a possibility they could increase it to push them over the top, but I think walking away with 350 million and focusing on their other projects could also happen. I would be ok with PPL walking away with 350 million.
We will see in about two weeks.