Goodaye EL,BG would only have to make an offer to all s/h if...

Goodaye EL,
BG would only have to make an offer to all s/h if they breached the 20% threshold.
They could make NH an offer NH couldn't refuse for the NH 17% parcel, then sit back and watch the action. Beauty is Shell would not get over the 90% Compul Acq'n threshold.
If BG then came back with an offer to all s/h, then it would have to match the highest price BG had paid for Arrow shares in the prior 6 months. (I am happy to be corrected on that).

By using spoiling tactics, BG could put its foot on the AOE reserves. If BG can delay the SHell LNG plans, then it just might help direct customers towards the BG LNG Projects?

cheers