Ann: API Board rejects indicative proposal from Wesfarmers, page-9

You are right - if not for COVID-19, the SP would probably be closer to the $2 mark now.

Clearly, Westfarmers saw a golden opportunity to snap up API before lock downs are abandoned as the primary weapon against COVID-19.

Having said that, was it a mistake for the board to knock back Westfarmers offer at $1.40? Would the SP still rise under Westfarmers ownership?

Academic of course - and Westfarmers have not made a second bid at this stage. Maybe they won't if they can't get a really low price for the acquisition.