the directors recommendation is subject to:1. IER stating that...

the directors recommendation is subject to:
1. IER stating that offer is in best interests of s/h
2. no superior offer.

so imho, if IER comes out with a value of $2.00 - $2.30, then the BOW directors will not recommentd the Arrow offer.

the recommendation of the Directors is a deal breaker. Arrow must get their recommendation if they want the Scheme to be approved.

so they can:
1 walk away saying $2.00 too expensive, OR
2. up the offer

we can all bet that it will be Door #2 !
Arrow want BOW - no doubt about imho - its just a question of price, and imho its worth more to Arrow than anyone else.

cheers