Five months after $1.1 billion market cap NorthWestern Corp. began battling against hostile bidder Montana Public Power Inc. (MPP), another takeout proposal emerged for the utility. But Black Hills Corp.’s stock offer for Sioux City, S.D.-based NorthWestern, in the eyes of analysts and at least one Northwest electric/natural gas utility is too rich to be topped. And if NorthWestern decides to negotiate with $1.2 billion market cap Black Hills, the latter’s shareholders could balk at doubling the number of outstanding shares to do the deal.
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