Ann: Unsolicited, Non-binding, Conditional Proposal from Sigma, page-28

Be interesting if WES drops its offer - what does Sigma do then - would it pull out as well?

Or will WES come back with an improved offer if it thinks Sigma is serious.

In reality, it is in Sigma's interest to grab API. If WES gets it, they have the backing to be a very serious competitor for Sigma - and that won't e a good thing for them.

Not sure this story has run its course yet.