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Most experts close to the deal view the initial bid of Mr. Johnson's group as extremely low.
As Yahoo's approach sputtered, Google made an initial bid of $3 billion to $4 billion, these people said.
The Germans' initial bid of £5.30 (then $10.18) a share last December was rejected as too low.
Cobra, which has extended the expiration date for the Lowrance tender offer several times, said it would offer $7.50 a share, down from its initial bid of $8.25.
Mr. Icahn had rejected Bristol-Myers's initial bid of $60 a share and then labeled a subsequent $62 hostile offer "absurd".
An initial bid of £4m has been rejected, with Burnley understood to be looking for a figure closer to £10m for the England Under-21s international.
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Chelsea had an initial bid for Rooney, of about £20m, turned down by United in July and have again been knocked back, despite upping their offer.
Discussing the matter with Branwyn, Idol received an initial bid for the job of producing the disk from the writer.
The government said this week that the Games were likely to come in more than £400m under budget, although the public funding package of £9.3bn was more than three times the initial bid projection of £2.4bn.
RBS' analysts are giving Ryanair's bid a 50.0% chance of success, and say the company's management and board will want to reject the initial bid in hopes of a higher offer.
It costs an initial bid plus half of your starting bid per week for an ad.
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