the PES directors MUST wait the 7 days before they accept the AOE offer.
They want to recommend an offer from AOE, but they have to weigh that up against the fiduciary duties to the Company and the s/h as a whole.
Of course I guess the directors of PES could recommend one offer, but sell their shares into the other - thats been done before.
So BG must make its move before that 7 day period expires - which seems to be where the 18 Feb date comes from.
I guess there might be time for some s/h to accept the AOE offer if they can get it out in time - ie before the 18 Feb - but i would think we would wait for the BG response?
PES
pepper residential securities trust no. 21
