This is a weird one.

I have a real life example of this happening:

Workbook A is linked to Workbook B
Workbook C is also linked to Workbook B, to the same exact cells in Workbook B - but with different external link values stored in Workbook C, as Workbook B had different values in it when the link was made.

If I have Workbook A open, Workbook B CLOSED, and then open Workbook C.... the cells in Workbook A linking to Workbook B CHANGE to the values used by Workbook C.

I repeat - the source Workbook B is NOT open. "Don't update" is selected wherever an Update Links dialog box appears.

My guess at an explanation is that Excel only stores one version of the values for each external cell linked to - i.e. this is an application table not a workbook table.

And so when Workbook C is opened, this single table is updated to match Workbook C's.... which then (inadvertently) updates Workbook A.

For some people or some uses I guess this might be a feature rather than a bug but for me it's definitely a bug.....

Has anyone seen this happen before? Is there a way to stop it happening?

Thanks.

Stuart