Why Deals Fail (and How to Rescue Them) by Anna Faelten

Author:Anna Faelten
Language: eng
Format: epub
Publisher: PublicAffairs

Auctions: does the highest bidder always win?

Many sellers, particularly since the arrival in force of financial sponsors such as hedge funds and private equity firms, conduct their disposals or whole company sales by auction. Therefore, it is worth making a few general points here about the auction process and bidders’ reputations.

An auction may seem like a cut-and-dried financial mechanism, but the following should guide a seller’s choice of buyer:

How successful have the buyer’s previous deals been?

What is the buyer’s history in dealing with target managements?

Are there many issues on which the buyer and seller are likely to take different positions?

Has the buyer backed out of previous deals, either entirely or to renegotiate significant points?

How involved and visible are senior and key decision-makers?

Does the buyer have access to sufficient financing?

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