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عمومی::
خریدار اول
Auctions are not costless for the initial bidder, who suffers considerable out-of-pocket expenses.
Subsequent bidders can free ride on the initial bidder's efforts to identify and value the target.
In the light of the information that the bidder is required to publish in the context of its offer, rival hostile bidders are likely to find more information about the target in the initial bidder's takeover documents than from any
Hence, 'free riding' costs or 'sunk information costs', as they are usually called,4 arise for the initial bidder.
In view of the above, an auction increases the probability of the initial bidder either losing the target and still suffering the initial offer expenses, or overpaying.
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