' -'----..,_,V'Vt:"?".| E U | U '59 Las'sxl'l | H @331 OVERVIEW Suppose you are a competitor ofthe business unit to be sold under the conditions sketched in Question 1. You have no interest or not enough money to acquire the divested company, but you would like to obtain the private information that will be available for inspection in Round 2. You contemplate the possibility of making a sufciently high (non-binding) bid in Round 1 in order to be admitted to Round 2, only to decline making a final, binding bid in round 2i ' Apart from legal reasons (you would not be negotiating in_ -_ good faith), which economic reason could deter you from ' 4 this course of action