what about this scenario?

if BG come back and overbid AOE latest offer, AOE might be stretched in lifting its bid again.
So what about the scenario where Shell stands in the market at say $3.50, and says it will buy any Arrow shares offered to it.
It can be on first come first served basis.
It can buy up to 14.99% of Arrow - that's 105m shares!
It does not need FIRB approval for that.
It does not need to launch a takeover bid for AOE.
It probably will not get 105m shares because most people will think $3.50 is too stingy.
But what it would do is put a FLOOR under the price of AOE shares, and boost the attractiveness of AOE bid for PES !?
AT $3.50 per AOE that equates to a bid price of $8.50 per PES share.

What's the betting????