### Comment:
Not totally sure what to make of the filling to me it seems they are voting on the CD&amp;R offer still? I don’t see anywhere where they accepted the other offer. Maybe you can make more sense of this as I’m still fairly inexperienced with the M&amp;A process.

### REPLY:
Yes. Per today's proxy, the AXE BOD considers the CDR 82.50 all-cash offer superior to Party A's last (3rd) offer, so they are recommending it and it's the only one being taken to a shareholder vote. The ball is in Party A's court to bring a 4th offer to AXE.

### END.