I disagree, I think AOE will counter-bid. AOE's recent announcement to the market today (26/2/09) on the takeover, indicates they are not defeated yet. Given their new high cash position of more than $500m in the latest results. I think AOE will counter-bid, but most likely negotiating with bankers to get debt (if credit market is available) or give Royal Dutch Shell convertible notes for funds.
AOE sees PES as the perfect fit for its future and CSG development.
PES
pepper residential securities trust no. 21
