'Tree' = IOC is being sold. No way around it. Supporting every 'Superior' proposal creates tension and forces all bidders to work toward their ultimate best offer. XOM came in ONLY because the OSH 'starter' bid which had shareholder support. Voting against incrementally better bids is suicide. [/quote]
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i don't agree. The OSH offer is a joke and the XOM offer is barely better. If you are assuming a bidding war, then maybe IOC will be sold, but neither offer is good enough right now. As it stands, the company would not be sold.
Also, the idea that XOM will keep TOT honest on the certification is still questionable to me. XOM would be mostly passing through the TOT money to IOC so their self-interest isn't fully there to care (unless it's over the capped 10T number).