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Yep that sounds plausible. I've rejected a 7 figure buyout offer, along with many others. I don't see a future where I'd sell my site. I'm not disillusioned with it yet :p I know that several other Pokémon sites have sold out, but I will not.
Did they base their 7 figure buyout offer on actual revenue / income figures obtained from you, or just based on what they know about your site's history and popularity / traffic?
I do not know. Probably a combination of factors based on popularity and monetisation possibilities. I don't want to be seen as selling out or anything such as that, which is why I keep the adverts on the site to a minimal level
Serebii from the amazing Serebii.net Your #1 Source for ALL Pokémon Games & Anime info as the top online Pokédex & Attackdex!