campbell profit guidance, page-19

two odd points here re aec:

my experience is that often directors are reluctant to lose their jobs in a company which they effectively control, so will resist a takeover which is not objectively a no-brainer, and that's AEC at 3.50 if the projections from aec are correct.

at 3.50, a 10-11% gross dividend return should not be difficult for the directors of aec to pull out of the hat, then CPB will have to pay 4.50+ to tempt retail investors, and possibly still not succeed because the dividend stream and prospects being given-up for CPB yield and prospects may simply be too high. CPB will have to make the offer very very sweet, that's provided the aec board follows-through with its bullish pronouncenments about dividends and projected earnings.

If CPB or others don't bid beyond the current 3.35, then hopefully shareholders will still see an announcement of aec earnings and dividends to justify market price levels closer to 4 or 4.50.