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.
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