do we sell on-market at $8.35 now, or hope for a higher bid from Arrow?
obviously, if Arrow pulls out of race, then PES s/p drops back to $8.00 (or probably just below).
having said that, if AOE pull out - but if AOE and Shell don't sell into the BG bid, then PES s/h can sit back and wait for AOE and BG to come to some arrangement.
PES
pepper residential securities trust no. 21