I'm with you .. not a done deal by a long shot! All it says is that despite the media (see below) expecting the deal to be rejected AOE is still in discussions with Shell.
Its says that analysts' comments suggesting the offer is too low, coupled with how long it has taken Arrow to assess the offer, have triggered speculation the proposal will be rejected, the Australian Financial Review said on Monday.
"A rejection by Arrow could precipitate a formal bid by Shell and PetroChina, which will allow shareholders to make a decision," said John Young, energy analyst at Wilson HTM Investment Group.
"My view is that they (Shell/PetroChina) will need to raise their offer to the high-$5-$6 (per share) range for the deal to go through."
.... An Arrow spokesman said on Monday the firm does not comment on media speculation. He said discussions were continuing.
H
AOE Price at posting:
$5.25 Sentiment: LT Buy Disclosure: Held
