I imagine institutions would be the first to accept so as to...

I imagine institutions would be the first to accept so as to lock in there arbitraged profits and to have the capital back in the bank and ready for the next opportunity.
If they were buying on behalf of BPC the company would already have these and have to announce them which makes me more certain the Canadians and Macquarie are acting independently and for there own interests. Will be interesting to see if the 200 mil or so shares these guys have are sold to BCP in the next week.... if not, it does give life to the possibility they might be planning to strong arm BCP for a better offer.... ohh yehh