shell may have to raise bid for arrow, page-6

If you look at PES, the PES directors recommended the initial bid from AOE at around $4 a share (as I recall). It ended up going for $8.25 due to a bidding war with BG.

So, IMHO, the only way that we will get anywhere near $10 for AOE is if another bidder comes in. Else, I thing AOE board may recommend a bit of $6.