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They were going to bid in an auction.
Italgas offered $171.9 million for the stake, the highest bid in an auction that closed on Monday.
"Means you can bid in an auction.
If you bid in an auction and your bid is accepted, you are responsible for full payment.
Mr. Icahn's latest offer amounts to the opening bid in an auction that most analysts expect will end at a higher price.
Then, each player, starting from the dealer's right and proceeding counter-clockwise, bids in an auction to declare how many points they will score.
Prices of outstanding Treasury securities dipped as dealers pared positions to bid in an auction of seven-year notes.
The pay-to-bid auction process of MadBid.com is based on users buying "credits", which allows them to place bids in an auction.
In the bidding war it was India's Tata Steel which won the bid in an auction round.
IMAGINE you are bidding in an auction.
Fiat's $2bn offer for most of Chrysler's assets will be the lead bid in an auction, which is typically required for assets sold in bankruptcy.
After three attempts to sell the mine, 25 miles from the Arizona border, the high bid in an auction this week was $475 million, from a Mexican group.
To place a competitive bid in an auction, you need to submit bids through an intermediary known as a Primary Participant who has direct access to the auctions.
After some frenzied telephoning, Ms. Baron secured the option to make the final bid in an auction for the North American hardcover, paperback, book-club and other rights.
He had to understand what the same character at 15 would feel when she faced the nasty old man who had just made the highest bid in an auction of her virginity.
In 1995, to keep out most serious domestic competitors, Mr. Khodorkovsky bid in an auction in which his front company, Laguna, was sure to win the controlling stake.
In Paris in 1875, the painting was among 20 works by Renoir up for bidding in an auction that also offered works by Monet, Morisot and Sisley.
Facebook, Google and Mercedez Benz were among big name companies which reportedly bid in an auction of pithy new UK domain names which included several single letter addresses.
Bidding Begins for Burlington Burlington Industries accepted a $608 million offer from W. L. Ross & Company as the opening bid in an auction for the company.
A bid in an auction, the possibility of acceptance of the bid, unless the bid is withdrawn, and the benefit to the auctioneer of driving up the price bid is sufficient consideration.
In 1975, food critic Craig Claiborne made a winning $300 bid in an auction for a dinner for two, courtesy of American Express, at any restaurant in the world that takes its credit card.
When bidding in an auction, you can bid high in the hopes that the active player will give you the money and take the card - but if he opts not to, you have to fork over the cash yourself.
An heiress who won a $6.6 million judgment against her church last year won the 69-acre Bible Speaks campus in Lenox today with a $3.23 million bid in an auction supervised by the Federal Bankruptcy Court.
The publisher won Ms. Clark's book after a day and a half of bidding in an auction that included several other large publishing houses, including Random House, Simon & Schuster and Bantam Doubleday Dell.
So it fell to Ms. Searle to reluctantly offer her family's perspective on the boat, which she said came into her father's possession with a half-hearted bid in an auction shortly after the vessel was decommissioned in 1975.