will shell "shell-out"?

it seems that this move on PES has a way to go.
it getting clearer now, as AOE has simplified its new bid.
1 Its unconditional - so no 90% minimum level
2. they will pay the cash and issue the new AOE shares within 5 business days of acceptance
3. (assuming there is no superior proposal)the directors WILL accept the AOE offer within 7 days of lodgement of the Supp Bidders Statement (with ASIC)
4. no FIRB issues

SO to me it looks clearer that its now virtually cash vs cash (albeit with AOE shares thrown in).

BG clearly would have a big bag full of cash.
AOE does not, even with the proceeds from Shell.

It appears AOE needs PES.

In spite of what some press reports, I expect there is no way Shell would compete with AOE.
I think Shell will enter the bidding, BUT only when AOE has exhausted its ability to compete with BG on price.

I think Shell will not let PES go to its rival BG.
If BG is outbid, then holding only 10% will not give it much bargaining power - no Board seat either.

So whilst it has said it will not accept AOE scrip, it has not said it would not accept Shell cash?

I really like the fact that AOE will pay PES s/h in 5 business days - thats smart.

cheers