I am sure there will not be a competing offer for PES. AOE and...

I am sure there will not be a competing offer for PES. AOE and Shell control something like 35% of PES.
Shell has 30% of much of AOE permits- and the relationship between Shell and AOE seems intertwined.
The only way the takeover price would be increased is if AOE could not get to 90%. AOE might then have to increase the bid to mop up the recalcitrants.
The other possibilty is if Shell decides that the offer is too low, BUT Shell has already indicated that they would accept the AOE offer unless a higher bidder emerges.
So I reckon there the success of the AOE offer is a fait accompli.
I think the result is a good deal for PES s/h.
We still get to participate in the success of PES via AOE.
And we get cash equivalent to the price PES was trading at prior to the bid - so in my eyes, we have received the AOE shares as a bonus!
cheers