I reckon they'll have a crack much lower - 60-70c range. It's...

I reckon they'll have a crack much lower - 60-70c range. It's unlikely there'll be a competing bidder unless Bogdanka and JSW both decide to have a crack. With the approvals for the projects being held to ransom there's a fair amount of sovereign risk in play which will assist the bidder (and it may even be occurring specifically for that reason).

Fair value/ultimate NPV won't come into it with that much uncertainty. Look at what's happening with UNV at the moment - ridiculously low-ball take over offer for a company hitting its production targets and with good growth prospects. Obviously their projects aren't in the same league as PDZ but it's an example of a take-over offer that isn't anywhere near what shareholders perceive as fair value.