consumer watchdog, page-11

HI tammekand,

Arrow went through that before when Shell lobbed the first bid and got rejected.

The sp didn't budge at all from memory, but it went higher than what the offer was.

Don't forget that everytime an offer has been put on the table before, the sp has been put through a good workover and manipulated down in order to make the bid look very attractive. While of course, and in reality, the offer is, at best, not much higher or better than the previous highs.

And now back to Arrow.

Shell then went away and regrouped, and then it came back again with a better offer and with a SoA instead of a full blown takeover, that was recommended for acceptance to the shareholders, by the Board. Of course, from memory, most of the Management got new positions with Shell and they have retained their positions by running Arrow as a separate entity of Shell.

The rest is now history.

Regards.