aoe to reject offer, page-28

In terms of trying to understand the delay..we still don't have an offer.

A 'proposal' is not a formal offer and Arrow probably don't want to say anything one way or the other until they get an offer.

However that doesn't preclude the parties trying to narrow down an amicable outcome.

The point about Shell approaching it this way is I guess to try and get a deal done and avoid a contest, that is, find the minimum level at which get the board will recommend an offer. Then we get the offer.

This ofcourse is contrary to what has been reported today about AOE preparing to reject. Its JMO.
But again I don't see how they can reject anything, all they can really announce is , re the proposal 'we'll give them until x to put something formal forward after which we move on'

Hope they don't do that as its of no benefit to give an ultimatum if there is a dialogue going on.