It makes you wonder where the AFR gets its information from. To...

It makes you wonder where the AFR gets its information from. To my mind any talks between Arrow and BOW would be behind closed doors without the media being invited. They would hardly flag sensitive talks.
It must be remembered that Arrows approach is an indicative, non-binding proposal at $1.48. The language implies from Arrow's perspective that they would like BOW but only at a price they set without a hint that they are willing to negotiate strongly. While trying not to be a pessimist it does seem that this proposal is time critical since Arrow need to make big decisions within the next few weeks. You would think any BOW takeover would need to be pretty much in the bag by then otherwise they will probably walk away - at least for a year or two.
It all comes back to BOW management and their perception of where things are at. Are they in talks or not? Are they interested in a takeover or JV or not? As I said in a previous post - the silence is deafening. However experience has shown that the longer things remain silent probably suggest a lot is going on behind the scenes. Let's hope that management continues to have shareholders interest at heart.