So far, there is just a non-binding proposal that has leaked out...

So far, there is just a non-binding proposal that has leaked out via the press. Had it been kept under wraps, AOE would probably have gone into a TH on Monday and come out with a recommendation to shareholders depending on the outcome of negotiations. So far, we have only seen an initial offer. Just for saving AOE face, Shell would likely be willing to concede a higher price (ie more money) to get the AOE board to approve the offer. Personally, at this stage I think the downside is limited, but there is good potential upside.