Fundamental value for NWEC is 15x P/E on $1.50 eps in 2006 = $22.50/shr + $1/shr NOL value = $23.50/shr. MPPI is willing to overpay b/c it is a bunch of politicians willing to spend $1b of taxpayor money so they can garner political capital. The Montana Public Service Commission will never approve this deal as it weakens the credit quality of the utility (all debt deal), unnecessarily shifts utility risk from shareholders to citizens, the company has finally stabilized following bankruptcy and doesn't need further massive upheaval, rates will not be reduced, etc. Be sure to understand that this bid is a reckless power-play by politicians who do not understand finance or risk. In my opinioin. Questions?