The longer we don;t hear anything........the better the bidding process is going..................................
I have been involved in one bidding process for the acquisition of a fast food franchise network......recently this QSR company had a sucessful IPO...........although not on the $Billion scale it was relatively substantial....there were 9 initial bidders invited to bid.......I thought it was fairly simple and that they would take the highest bid.......after the dd period of 3 weeks closed bids were delivered to the firm handeling the process...........we were notified the same day that we were one of the top 6 bidders but would not tell us whether we were #1 or #6.....and gave us 3 days to modify if we so choose our bid............which we did modestly...............Again that same day we were notified that we were now one of the final 3 bidders and were invited to a sit-down meeting with the sellers the following week at the Ritz-Carleton in Boston..............We all met at the Ritz at 11:00 A.M......were greeted by our host and led to a very nice room where lunch was servered and we were told we would be called one by one to another conference room to meet with the sellers......we were the 2nd party to go and the meeting lasted 25 minutes and questions and answers went back and forth for 20 minutes with the parting question from the sellers agents.......would you like to increase you bid......which we said...No.....we have made our best and final offer.........we were notified 2 days later that we were 2nd highest bidder and they thanked us for bidding.........The winning bid was the highest price ever paid as a multiple of EBITA in the 55 year history of the franchise.......The longer this thing takes the higher the price we will get ...IMO
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