Hi Ya,
I wouldnt trust that Deutsche Bank analyst. Deutsche Bank have always traded in an out of Arrow.
NHC wont give up Arrow for the current price which is why I believe we will see a revised offer. Also Petrochina in my mind are the ones who want Arrow more than what Shell do. Shell have been dragging their feet for ages now and if they wanted Arrow they would of went at it alone awhile back. China need to boost gas reserves and Arrow have hardly touched on their current reserves. They know how much gas Arrow have. This is dirt cheap for them but obviously everyone wants to get something for nothing or pay as little as possible.
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bid is very underpriced, page-13
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