4DS - Anything but Charting, page-14672

Exactly. The licencing option for WDC is their insurance against being outbid (which I think is a very real possibility).

But another scenario could be where WDC offer an initially satisfactory bid to the BOD (say $2), but another party comes in with a licencing offer which makes the WDC offer insufficient (and the sp rallies to $4). Effectively the market has valued 4DS at a price above which WDC are willing to pay, but no other purchaser comes to play either. In this scenario, 4DS has no option but to pursue the licencing option.