re: Ann: PES: Pure Recommends BG Group Takeov... Stocktoe -...

re: Ann: PES: Pure Recommends BG Group Takeov... Stocktoe - no,
the directors of PES have to act in the best interests of PES and the shareholders as a whole.
if they still prefer to accept the aoe offer, they could have (but they didn't), but they have to determine which offer is in the interests of PES s/h as a whole.
It would have been difficult for them to recommend the Arrow offer, when the BG offer is higher.
So they recommneded the BG offer, with the proviso that they can change their recommendation if another higher offer comes along.
i think they (pES directors) are in a no lose situation.
cheers