Ann: Supplementary Bidder's Statement, page-15

assuming SVM withdraws here is what I’d do as Pru… nothing. Svm might try to force a premium to tender their 20% but if not, waiting is the way to go.

over time, the arbitragers who bought Orr shares betting on a bidding war will sell. And as the realization comes in that Orr shareholders aren’t tendering in sufficient volumes arbs will start to exit and Orr shareholders will watch their sp decline.

as a svm shareholder I’d like to see Pru up their bid, but they just played chicken and won, doubt they’re going to cave and sweeten the pot unless Orr shareholders refuse to tender in spite of a declining share price. But I think Orr shareholders will cave if the sap drops to $0.50.