With Water Island Captial having a arbitrage fund, basically...

With Water Island Captial having a arbitrage fund, basically they get a risk-free profit at zero cost. With the amount of shares they own they will make a good sized profit. If a superior offer comes, obviously it is even better for them. (Like it would be for us shareholders). But a profit is a profit, I wouldn't be making any assumptions that they know something or are expecting a superior offer. BG took 1 1/2 months to come through and give a superior offer for PES... well, we are now past 1 1/2 months since Arrow's offer and still nothing.