M&A Foundations · glossary
A sale process in which the seller invites several bidders to compete in structured rounds, rather than negotiating with one buyer. Competition tends to improve the price and the terms for the seller — at the cost of a heavier, more formal process. Chapter 3
Explained in Chapter 3, Deal Types and Structures, of M&A Foundations.
…Where several credible bidders exist, that process becomes an auction: parallel bidders, staged bids and deliberately maintained competitive tension (the mechanics get their own treatment in Chapter 5). The bankers, not the lawyers, typically negotiate the headline commercial terms: price, deal structure, exclusivity.Read Chapter 2, Who’s Who on a Deal →
Every chapter of M&A Foundations is free to read, including the full training share purchase agreement.
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This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open M&A Foundations → · All terms A–Z →