Now that the offer has been on the table for quite a few weeks...

Now that the offer has been on the table for quite a few weeks and much has been discussed on this site the reality is not much has changed since Arrow's non-binding conditional offer about 6 weeks ago. To be exact the only change is a firming up of the proposal and an increased offer to $1.52. No other interested parties have emerged, precious little news from BOW management apart from a qualified recommendation to accept the offer. So now it becomes a guessing game. Hedge funds messing around in the background, no updates from management and who knows if another bidder is about emerge.
To my mind we have time on our side. It's unlikely Arrow/Shell will walk away, the trading price is below the offer price so there is no need to sell into the market and with hedge funds showing an interest may mean something more may happen.
With all that said I don't think enough credibility has been afforded to SeamFiend with his numerous, well reasoned posts regarding the true value of the company.
Reserves in the ground (especially 3P) are largely meaningless unless the coal seams are permeable and easily extractable. So far there haven't been stellar results in this area. Probably the more exciting portions of BOW's tenements haven't been tested yet and therefore remain speculative. It seems to me Arrow are better placed to assess the risks than other companies and I'm inclined to side with BOW management that this is the best outcome for shareholders. Does this mean it is fair value? I don't think so but it's probably the best we will get.