shell

I think there a few points to consider. Arrow cannot go head to head with BG in a fight for PES, They do not have the firepower. It has to be Shell and the way for Shell to get the lot is say bid $3.50 for Arrow. Makes the Arrow scrip + cash bid look great and BG are then fooked unless they want to get silly and pay overs. I highly doubt Shell would be buying on mkt and building a stake in Arrow, They would be approaching the big holders and talking to them about getting support and perhaps some of there stock. Not sure what the Short Sell level in arrow was but some of this added volume has to be covering. They can have my Arrow at $4 if they want it.