Also, bear in mind that both sides (and their advisors) will be out there talking up their positions to journos. Shell will be talking about it being unlikely other suitors will come out and that AOE is fully priced at the current bid and alternative is a dilutive capital raising. AOE will be talking about PES multiples, other bids and Shell offer being under done.
All part of the game.
arrow unlikely received better offer, page-17
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