bidders statement, page-3

A scrip based bid leaves them open to acquire other businesses where institutional holders want cash and I dont think AEC holders are that concerned about scrip.

Also seeing how loyal AEC's retail holders through this takeover and raising money via SPP's could be advantageous to CPB sometime in the future if they hold scrip. CPB could easily up the price via scrip without hurting their EPS year 1 especially using 2011 figures.

P