• We've been covering the AIO/BIP/QUB saga for a few months now; every few weeks, a new twist seems to emerge in what is turning out to be one of the most complex Australian M&A sagas in recent memory
• In the latest set of developments, on 8 Feb 2016, QUB submitted a revised offer amounting to, at that time, AUD 9.24, in cash + QUB shares
• In the offer announcement itself, AIO appended a letter that they had received from BIP, which indicated that BIP intended to  revise their offer to an all-cash offer amounting to AUD 9.28/share
• We have a look at both sets of offers (QUB's revised offer and BIP's informal offer) and examine the respective issues related to these offers
• We round off our insight by discussing when BIP will probably submit their revised offer, and whether a trading opportunity exists at the moment

This insight is part of Smartkarma. For more follow this link.