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To prove this, let's consider a bidder with true value $5 and a second highest bid of $3.
A stand-alone HBOS preserved in the near term could find its own feet then, or be sold to a bidder with which there is less overlap.
So a buyer with a golden retriever and a Yorkshire terrier offered $1.6 million and a bidder with a golden retriever offered the asking price of $1.595 million.
The Rikers deal has also engendered a lawsuit, with one of the losing bidders, St . Vincents Hospital in Manhattan, arguing that the city improperly awarded the contract to a bidder with no experience in prison health care.
Bridge loans, prevalent in the merger battles of the 1980's, allowed Wall Street firms to extend credit to a bidder with the expectation that the loans would be repaid quickly.
One potential danger of participating in these kind of deals is that Goldman may seem to be competing, as a bidder, with the same clients it advises on mergers and acquisitions.
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Malaysia's Genting was one name in the frame, alongside an Australian company or a consortium bidder, with a price of 180p a share mentioned.
A rival bidder with a higher offer worth $8.75 a share, compared with Mr. Hindery's $8 a share, emerged late last week: E. Stanley Kroenke, owner of the St . LouisRams, the Denver Nuggets and the Colorado Avalanche.
Areva, under fire from regulators over uranium leaks from a treatment centre at a subsidiary, has been made a preferred bidder, with two other companies, to manage Sellafield, Britain's biggest complex.
Unilever's collection of soap suds, margarines and ice creams are not national trophies like AstraZeneca's science labs, but the point remains: how can you hope to run a successful industrial strategy if your best and biggest companies can be picked off by an opportunist bidder with a greater appetite for debt and less interest in long-term investment?
Jose de Venecia III, a losing bidder with connections to the Arroyos' inner circle, testified that the ex-president's husband was promised a $70m commission.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com