Nope. BPT will not pay $600m for AWE. Market cap of BPT will fall by about $300m if BPT makes offer right now. BPT needs to pay off its $1b debt. No chance BPT taking on 100% of AWE’s project cost. Also, BPT is run for the benefit of BPT shareholders.
Ellerston Capital will be crucial to AWE board’s survival. If Ellerston not willing to throw in more money to AWE then Ellerston Capital will fold and take CERCG offer. Only Ellerston stands in the way of CERCG gaining control of AWE.
AWE Alternatives, page-17
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