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The final bid of two hundred and forty thousand euros seemed to come from a bidder in the hall.
Second, the prime minister's "briefing" was from a bidder, who naturally had an urgent interest in rubbishing his competitors.
Indeed, whereas during the bubble entrepreneurs used to boast about the size of their IPO, now the braver ones brag about how much money they have turned down from a bidder.
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.
To make doubly sure that a higher bid doesn't come from a bidder that loses an auction and tries for a second bite at the apple, a standstill agreement is also drawn up to prevent the bidder from even asking for the standstill provision to be waived.
That makes things too risky from a bidder's perspective.
Similar(53)
For example, Mr. Leutermann sent an e-mail message to Mr. Kearney and other Maximus employees with details on the New York City welfare-to-work contracts, including notes from a bidders' conference on May 14 that Mr. Leutermann had attended.
He reasoned that if a board can't prevent itself from speaking to a bidder about a competing bid, why should the directors be able to prevent themselves from even receiving the bid?
"This is capitalism at its rawest," said Brad Grannis, a bidder from AZ Property Advisors.
A target board can adopt a poison pill to prevent a bidder from completing a hostile takeover.
Despite persistent rumours of interest from several Chinese firms, a bidder has yet to emerge.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com