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The Gallaher Group, maker of Benson & Hedges and Silk Cut cigarettes, confirmed that it had received a takeover approach from a bidder it did not identify, setting off a 22percentt gain in its share price.
If the contract had gone to a foreign bidder it would have proved a severe embarrassment to the government and its efforts to encourage manufacturing.
Because it was the only bidder, it was able to dictate terms.
Since it has become the bidder, it seems to have forgotten about this risk which it surely exaggerated.
The other bidder, it turned out, was buying for himself, and got the altar frontal at a bargain price.
Ideally, Vodafone would buy AirTouch and then sell its American business to Bell for cash.AirTouch itself has yet to indicate which bidder it prefers.
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The more users Google has for search, the more bidders it can attract for its keyword auctions.
"This price looks very full and may not leave room for any counter-bidders," it said in a note.
Christie's estimated it would fetch $14 million to $18 million, but even with two bidders it went for only $11.5 million.
The problem for Sotheby's and Christie's, then, is not drumming up bidders; it is finding fresh property.
The NatWest, based in London, "has not made soundings, informal or otherwise" to the bidders, it said in a statement.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com