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Default Sharing WB & saving changes question

2 users access the same excel WB and can both modify it
They would expect that the 2nd user opening the WB would be warned that the
WB is already opened by another user and is Read Only.
The warning does not appear and both users can make changes at the same
time, which are overwritten by the user making changes last.
The WB is not shared and is not protected.
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Kind regards,

PR Joseph Oget
IT Analyst
London, UK.
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