Imagine walking into a car dealership knowing the lowest price the dealer will accept. That knowledge would give you an unfair advantage in negotiating. Instead, buying a car from a dealer often leaves us wondering if we could have pushed for a better deal.
Now imagine selling your business knowing exactly how far you could push an acquirer. Knowing an acquirer’s upper limit is challenging unless you have a bug planted in their board room. However, suppose your potential acquirer is a publicly-traded