Ann: Unsolicited, Non-binding, Conditional Proposal from Sigma, page-34

I remain perplexed why the API board recommended WES's offer to shareholders anyway. Would really like them to explain that.

Technically, what you say is correct. Over the next 12 months we will see re-opening (whether that is a wise move or not, it has to happen at some early stage). API could well be sitting at over $2.