are there any alternatives to accepting bid

As I understand it CNP has 2 income steams
1. Investment activity
2. Services business stream
In regard to investment activity, this effectively ends with the sale of the US assets and the exchange of Australian assets for debt.
Regarding 2 - services business stream this was based on investment activity which now effectively will end. Except its unclear whether CNP possibly maintains some business related to CER's continuing existence (i.e is CER obligated to pay CNP some ongoing fee for services?)

Secondly, Blackstone has offered $9.4 billion, which will leave CNP with $100 million net to be distributed among various parties including shareholders.Is it possible to reject the Blackstone bid? If so it seems impossible that Blackstone wouldn't be prepared to increase their bid by a couple of hundred million or so (given they are already prepared to pay $9.4 billion) to get their bid over the line.

Of course there is always the further possiblity of a superior bid still emerging.