[en] IPALCO Enterprises Inc. announced a hostile, unsolicited bid to acquire PSI Resources on March 15. IPALCO's bid for PSI is aggressive and well thought out, which befits the strong incentive that it had to take action. Besides topping Cincinnati Gas ampersand Electric's offering price made late last year, IPALCO took the initiative on three other fronts. First, it filed a lawsuit in federal court in Indianapolis to block the merger between PSI and Cincinnati. The suit claims that the proposed merger violates Indiana law and that PSI and Cincinnati have made false and misleading statements about the benefits of their proposed merger. Second, IPALCO announced it will oppose the merger between PSI and Cincinnati in proceedings before Indiana regulators. Third, IPALCO said it plans to nominate a slate of five candidates to stand election for PSI's Board of Directors at the company's annual shareholders meeting this spring. However, these initiatives and IPALCO's accompanying appeal to Hoosier loyality are little more than diversionary tactics. In the final analysis, whether PSI merges with IPALCO or with Cincinnati will depend rather simply on who is willing to make the highest bid