if BG come back and overbid AOE latest offer, AOE might be stretched in lifting its bid again. So what about the scenario where Shell stands in the market at say $3.50, and says it will buy any Arrow shares offered to it. It can be on first come first served basis. It can buy up to 14.99% of Arrow - that's 105m shares! It does not need FIRB approval for that. It does not need to launch a takeover bid for AOE. It probably will not get 105m shares because most people will think $3.50 is too stingy. But what it would do is put a FLOOR under the price of AOE shares, and boost the attractiveness of AOE bid for PES !? AT $3.50 per AOE that equates to a bid price of $8.50 per PES share.
What's the betting????
AOE Price at posting:
$2.65 Sentiment: None Disclosure: Held
