I think you are mostly correct there...although you have to wonder why IMSC bid the way the did on the initial order.. IDIQ. There were three bidders, with Morpho being the low bidder. Smiths and IMSC were either second or third ( highest ) with bid price. If IMSC didn't know what the other bids were going to be, why did they bid so low? Industry knowledge? I presume they could have successfully bid quite a bit higher for multiple reasons...but they didn't. Anyway, water under the bridge.
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