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Let us assume that the costs of participants of the minimal overbid auction are independently drawn from the common uniform distribution on a, <[alpha], [beta]>, there are no participation costs, and bidders are risk neutral.
Bids after the first overbid must exceed it by specific increments.
Usually, a buyer will want to require that competing over-bidders will have to overbid their contracted sale price by some minimum amount in order to qualify as a proper "overbid".
Data on the bidder, amount paid, overbid, and property type (residential, commercial, etc.
The proposed transaction is subject to a Section 363 bankruptcy auction, where qualified bidders may seek to overbid the Axxom bid, and that auction is expected to take place on November 23, 2015 (see below for details).
Still, some believe ITV decided to overbid after it discovered it would lose the rights to the FA Cup, the tournament involving all English clubs, to the BBC.
Mr Grayling said the Virgin East Coast franchise was unviable because the business had overbid, which meant it was paying the Government more to run the franchise than it could afford.
He said: "GNER clearly overbid, but the Government had no idea it couldn't manage their payments.
The Dallas firm also offered the best price that Lin Television was able to get, although some on Wall Street think an existing broadcaster like NBC might still come back to overbid Hicks, Muse for Lin.