Skip to main content

There's More to Winning Bids Than Making the Highest Offer

Andrew Hulsh, partner in Pepper Hamilton LLP's Corporate and Securities Group, often reminds clients bidding on a target that winners aren't always the ones offering the highest price.

Andrew Hulsh, partner in Pepper Hamilton LLP's Corporate and Securities Group, often reminds clients bidding on a target that winners aren't always the ones offering the highest price. A key consideration for sellers who want to retain upside still imbedded in their businesses is whether they will have equity in the merged or acquiring company. They also want assurance the deal will close, so bidders should set a timetable for completing milestones like due diligence, antitrust clearance and shareholder approval.