I'm gonna stick my neck right out here (to be chopped right ofc)...

I'm gonna stick my neck right out here (to be chopped right ofc) and say that BG Int will come back at ~$7.80, Arrow will go over $8, and BG Int will knock them out with bid close to ~$8.60.

Arrow will more than likely walk away pocketing an extra $140M for the 20% of PES that they own seeing the price rise from $2.98 to ~$8.60.

Don't forget BG Int have stated that they are not interested in accepting AOE offer and that one of AOE conditions is min 90% acceptance and that BG own or have committments for ~10%.

Cheers
Muzz