Ann: Pure Recommends BG Group Takeover Offer , page-18

re: Ann: PES: Pure Recommends BG Group Takeov... Jimako,
what do you think of the scenario of Shell simply standing in the market and offering $XX.00 for 14.99% of Arrow?

Depending on the price it offered, it probably would not get to the 14.99% limit anyway.
At the same time it could be applying for FIRB approval to go beyond the 15% limit.
it's offer would put a floor on the Arrow price-hence offer.