Here's the reply from the founder, to the comments on his blog :

Q: Alex - I'm curious why the company was doing such deep due diligence on you in the first place? Was this for a potential partnership opportunity (you said it wasn't a natural fit?) Or were you simply receptive to an acquisition offer at that time, even if you weren't sure you actually had a genuine interest in selling? ...

A: Thanks for the comment, Michael. The conversation steered toward a potential acquisition very quickly. I'm not opposed to exploring opportunities, so the meetings went on. It wasn't until after the offer was made that I decided to turn it down.