re: Ann: PES: AOE Increased Unconditional Off... Stocktoe
We had talked about this AOE- PES upgrade offer 2 days back in case u missed it, read notes below.
Looks like the group huddle with Shell has paid off, for the time being ($7.16/sh or $891m).
-------------------------------------------------------
There are only 2 things that can happen for AOE-PES,
1) Upgrade the offer from $5.39/sh (Bid of $670m for 124.37m shares)
2) Withdraw the initial bid, if can't match BG's bid of $6.40/sh (or $796m)
To do the first part they need cash, as per their qtrly they have $297.28m cash. Shell gave them $707m. So there is scope of increasing their bid unless they want to pull out.
BG on the other hand have learnt a lesson with the ORG failure, so they are factoring in a premium. They paid 80% premim for QGC & are offering 115% to PES's last traded price. Shareholders can see that BG is a better option.
AOE need to think fast & real quick.
About time they got off the group huddle with Shell.
-
- There are more pages in this discussion • 21 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
