Continuing the logic ... if they were in the know to the...

Continuing the logic ... if they were in the know to the discussions with BPT ... they would have expected a cash windfall of $8m for their 10% or so ... so they would probably have forgone the need for a cr right now.

Therefore ... the logic seems straight forward to me ... VPE must have got wind of BPT's advances.

VPE with new CEO has his own ambitions within Cooper B ... and its un likely to be a subordinate of BPT.

Strategically ... the new CEO of VPE has to be seen to have a go at ITC against BPT if the above is likely ... otherwise he's been defeated by BPT in the Cooper B without firing a shot.