Can we infer a counterbid?

[davidhmtk]

According to the terms of the merger agreement between IOC and OSH, once IOC's financial advisors and BOD have evaluated a replacement bid and determined that it is a Superior Proposal, there is a mandatory 3 day period where OSH ( or Total ) can counterbid.  During that 3 day period, IOC is not allowed to announce that there is a Superior Proposal.  The bid was announced July 1 and if you believe Reuters, mirrors the OSH deal, but is larger.  So the evaluation process is perunctory, as XOM intended.  That can't take 12 days, they must be more than 3 days past their evaluation.  Since IOC hasn't announced that XOM's proposal is superior, I suggest that we can infer that there was a counterbid, which is being evaluated currently.