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Bidders having it both ways with ‘best and final’ threats

“Best and final” has turned into best and final absent a higher offer, and then absent a superior offer.

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You’ve got to give it to the top investment bankers and lawyers – they’ve perfected the art of driving a truck through a two-inch gap.

Now when they drop the hammer on a target’s board and investors with a “best and final” statement, they’re leaving themselves wriggle room to craftily change the deal price and/or terms.

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    Original URL: https://www.afr.com/chanticleer/bidders-having-it-both-ways-with-best-and-final-threats-20240801-p5jya9