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- 2007
- Article
Greedy Bidding Strategies for Keyword Auctions
By: Matthew Cary, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna Karlin, Claire Mathieu and Michael Schwarz
How should players bid in keyword auctions such as those used by Google, Yahoo! and MSN? We consider greedy bidding strategies for a repeated auction on a single keyword, where in each round, each player chooses some optimal bid for the next round, assuming that the... View Details
Cary, Matthew, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna Karlin, Claire Mathieu, and Michael Schwarz. "Greedy Bidding Strategies for Keyword Auctions." Proceedings of the International Conference on Electronic Commerce (2007): 262–271.
- January 2017
- Case
Bayer AG: Bidding to Win Merck's OTC Business
By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
Shortly after submitting their best and final offer to acquire Merck's Consumer Care Division (a collection of "over-the-counter" (OTC) products with sales totaling $2 billion), the Bayer M&A team was given a chance to revise their bid because another potential... View Details
Keywords: Acquisition; Bidding Strategy; Valuing Synergies; Negotiations; Corporate Strategy; Business Unit Strategy; Bidding Process; Discounted Cash Flow; Cross-border M＆A; Tax Shields; Valuation; Competitive Strategy; Auctions; Bids and Bidding; Germany; United States; United Kingdom
Esty, Benjamin C., Marc Baaij, and Arjen Mulder. "Bayer AG: Bidding to Win Merck's OTC Business." Harvard Business School Case 217-021, January 2017.
- January 2017
- Supplement
Bayer AG: Bidding to Win Merck's OTC Business
By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
- March 1982
- Background Note
Note on Hostile Takeover Bid Defense Strategies
Law, Warren A., and Charles Thierry. "Note on Hostile Takeover Bid Defense Strategies." Harvard Business School Background Note 282-065, March 1982.
- December 2017 (Revised February 2021)
- Case
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business, which included several leading consumer brands such as Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Diversification; Business Divisions; Corporate Finance; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Esty, Benjamin C., and Lauren G. Pickle. "Bega Cheese: Bidding to Bring Vegemite Back Home." Harvard Business School Case 218-001, December 2017. (Revised February 2021.)
- December 2017 (Revised January 2022)
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands including Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Diversification; Brands and Branding; Corporate Finance; Consumer Products Industry; Food and Beverage Industry; Australia; United States
- December 2017
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands (Vegemite—the iconic Australian spread,... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Diversification; Consumer Goods; Iconic Brands; Australia; Corporate Finance; Bidding Strategy; Cross Border; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Retail Industry; Consumer Products Industry; Food and Beverage Industry; Australia; United States
- December 2017 (Revised January 2018)
- Teaching Note
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian... View Details
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Diversification; Consumer Goods; Iconic Brands; Australia; Corporate Finance; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- 2008
- Working Paper
On Best-Response Bidding in GSP Auctions
By: Matthew Cary, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna R. Karlin, Claire Mathieu and Michael Schwarz
How should players bid in keyword auctions such as those used by Google, Yahoo! and MSN? We model ad auctions as a dynamic game of incomplete information, so we can study the convergence and robustness properties of various strategies. In particular, we consider... View Details
Keywords: Online Advertising; Auctions; Bids and Bidding; Game Theory; Mathematical Methods; Competitive Strategy
Cary, Matthew, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna R. Karlin, Claire Mathieu, and Michael Schwarz. "On Best-Response Bidding in GSP Auctions." Harvard Business School Working Paper, No. 08-056, January 2008.
- January 2008 (Revised March 2008)
- Case
Bidding on Martha's Vineyard (A)
By: James Sebenius
To buy a desirable Martha's Vineyard property, Robert and Sally Franklin must craft a bidding strategy informed by their assessment of their competitor. The "A" case sets up the situation and bidding history to date, describes how they assessed their valuations and... View Details
Keywords: Negotiation Preparation; Negotiation Process; Valuation; Decision Choices and Conditions; Property; Bids and Bidding; Real Estate Industry; Martha's Vineyard
Sebenius, James. "Bidding on Martha's Vineyard (A)." Harvard Business School Case 908-044, January 2008. (Revised March 2008.)
- January 2008 (Revised March 2008)
- Supplement
Bidding on Martha's Vineyard (B)
By: James Sebenius
To buy a desirable Martha's Vineyard property, Robert and Sally Franklin must craft a bidding strategy informed by their assessment of their competitor. The "A" case sets up the situation and bidding history to date, describes how they assessed their valuations and... View Details
Sebenius, James. "Bidding on Martha's Vineyard (B)." Harvard Business School Supplement 908-045, January 2008. (Revised March 2008.)
- February 1991
- Background Note
Note on Sealed Bid Auctions
By: David E. Bell
Describes a simple approach to determining an appropriate bid for a sealed bid auction. View Details
Keywords: History; Management Style; Financial Management; Consumer Behavior; Accounting; Bids and Bidding; Decisions; Market Transactions; Decision Choices and Conditions; Competitive Strategy; Negotiation Style; Auctions
Bell, David E. "Note on Sealed Bid Auctions." Harvard Business School Background Note 191-140, February 1991.
- 26 May 2022
- News
Bidding Up
used a bunch of mathematics. And I was given a flunking grade. And my view is, screw you, this is stupid that you have us discussing this competitive bidding case as though we’re supposed to just talk about it. We’re supposed to have this... View Details
- 06 Feb 2008
- Working Paper Summaries
On Best-Response Bidding in GSP Auctions
- April 2001 (Revised August 2003)
- Case
Vodafone AirTouch's Bid for Mannesmann
Vodafone's bid for Mannesmann was the largest ever cross-border hostile bid. This case examines the economic, financial, and corporate governance issues in the deal. View Details
Keywords: Horizontal Integration; International Finance; Valuation; Corporate Governance; Acquisition; Cross-Cultural and Cross-Border Issues; Telecommunications Industry
Kedia, Simi. "Vodafone AirTouch's Bid for Mannesmann." Harvard Business School Case 201-096, April 2001. (Revised August 2003.)
- 28 Feb 2005
- Research & Ideas
Amazon, eBay and the Bidding Wars
conceal who he is, to avoid starting a price war, but for a dealer who bids a lot, it is hard to have lots of different usernames. A simpler strategy is for him to snipe, so that others can't piggyback on... View Details
- October 2013
- Supplement
Alcoa's Bid for Alcan (B)
By: Paul Healy and Penelope Rossano
In spring 2007, Alcoa CEO Alain Belda was concerned about the company's market position in light of increased competition from developing markets. China's recent entry into the aluminum market was affecting both supply and demand. Furthermore, downstream and upstream... View Details
Keywords: Strategy; Acquisitions; Alcoa; Alcan; Rio Tinto; Aluminum Industry; Accounting; Financial Analysis; Consolidation; Market Participation; Financial Statements; Acquisition; Mining; Mining Industry; Canada; United States
Healy, Paul, and Penelope Rossano. "Alcoa's Bid for Alcan (B)." Harvard Business School Supplement 114-030, October 2013.
- October 2013 (Revised December 2015)
- Case
Alcoa's Bid for Alcan (A)
By: Paul Healy and Penelope Rossano
In spring 2007, Alcoa CEO Alain Belda was concerned about the company's market position in light of increased competition from developing markets. China's recent entry into the aluminum market was affecting both supply and demand. Furthermore, downstream and upstream... View Details
Keywords: Acquisitions; Strategy; Aluminum; Accounting; Financials; Alcoa; Rio Tinto; Alcan; Metals and Minerals; Competition; Consolidation; Emerging Markets; Acquisition; Financial Statements; Manufacturing Industry; Canada; China; Russia
Healy, Paul, and Penelope Rossano. "Alcoa's Bid for Alcan (A)." Harvard Business School Case 114-029, October 2013. (Revised December 2015.)
- winter 2005
- Article
Financing Auction Bids
By: Matthew Rhodes-Kropf and S. Viswanathan
In many auctions, bidders do not have enough cash to pay their bid. If bidders have asymmetric cash positions and independent private values then auctions will be inefficient. However, what happens if bidders have access to financial markets? We characterize efficient... View Details
Keywords: Financing and Loans; Auctions; Bids and Bidding; Financial Markets; Valuation; Cash; Capital Markets; Profit; Competition
Rhodes-Kropf, Matthew, and S. Viswanathan. "Financing Auction Bids." RAND Journal of Economics 36, no. 4 (winter 2005): 789–815.
- May 2016 (Revised September 2017)
- Case
Canadian Pacific's Bid for Norfolk Southern
By: Benjamin C. Esty and E. Scott Mayfield
In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... View Details
Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada
Esty, Benjamin C., and E. Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern." Harvard Business School Case 216-057, May 2016. (Revised September 2017.)