I think there is a logical reason for Shell to make this low...

I think there is a logical reason for Shell to make this low offer first up. Given QGC's takeover at approximately double the Arrow offer, Shell must be trying to hang on economic uncertainty and also the GFC mentality which still lingers in people's minds. I am pretty sure that they would know that in 12-18 months time they realistically could have to pay 2-3 times more. Make no mistake, 3-4 Billion dollars is not chicken feed to Shell or any other company, they are trying to get a bargain. Fair value in the current climate is estimated at $7-$10. I would like to hang on for 12-24 months for say $12-$15 dollars, not settle for $5.00. I hope NHC are stubborn as hell!! The world needs the gas!!!!!