WDC don't have inside knowledge. They have the right of first refusal, by virtue of their partnership with 4DS. The IMEC process is highly confidential, because every big player uses their test fab to develop their products.
If WD lowballed an offer early, don't assume they would get it. That's where management have to step up and sell the business to other parties. I'd be very disappointed if 4DS management recommended to shareholders to accept the first offer
4DS - Anything but Charting, page-403
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