Ann: Unsolicited, Non-binding, Conditional Proposal from Sigma, page-36

lol "if I were WES, I'd drop the bid and take a breather."

I'm not sure that's how business works... WES are accountable to their shareholders for driving growth, they can't just take a breather for no reason. do you have any reasons why they should take a breather? seems a bizarre choice of words with no justification.



I can't see WES wanting to acquire a combined API and Sigma group as they would have to pay proportionally more...assuming the valuation is linked to EBIT or EBITDA. the combined group would generate cost savings therefore increasing profit and therefore increasing the amount they'd have to pay.

would be better to acquire API, improve the business, chip away at Sigma and then buy Sigma cheaper if they want both businesses.