what about this scenario?, page-2

a possibility just not sure of the legalities and practicality of it - certainly AOE is worth that amount plus more and it would be a shame if AOE missed out on PES just because its own share price was suffering currently. the reality is a higher bid for PES goes through, then AOE should be rerated based on the multiples - chicken and egg sort of stuff but its the markets natural gig to push down the acquirers share price.