the successful bidder MUST get the acceptances of the PES directors and the two major s/h.
The PES announcement dated 18 Feb said that these directors and s/h would accept the BG offer within 7 days of the announcement.
So 7 days is next Wed 25 Feb.
So if anyone (AOE or Shell) are going to up the ante, then they MUST do it at the latest by next Wed.
I guess no one will be acceting the BG bid at $8.00 when the market is paying $8.50.
So I guess AOE can leave it to the last minute. I am sure these directors and s/h will give AOE every opportunity to come back with a higher offer.
Here's hoping!
cheers
PES
pepper residential securities trust no. 21
