Max Bazerman

A lot of stories that we see in the acquisition world have people who have some ego interest in being on the front page of the newspaper and making the acquisition occur. And this can often lead people to depart from what we might think of rational action or what's best from a financial perspective.

A lot of stories that we see in the acquisition world have people who have some ego interest in being on the front page of the newspaper and making the acquisition occur. And this can often lead people to depart from what we might think of rational action or what's best from a financial perspective.

A lot of stories that we see in the acquisition world have people who have some ego interest in being on the front page of the newspaper and making the acquisition occur. And this can often lead people to depart from what we might think of rational action or what's best from a financial perspective.

He basically ends up making a bid, but there ends up being kind of a bidding war. And in lots of different acquisition stories, we often read about the fact that company A buys company C at a very high price. And what we often don't think about is the role the company B played in it.

He basically ends up making a bid, but there ends up being kind of a bidding war. And in lots of different acquisition stories, we often read about the fact that company A buys company C at a very high price. And what we often don't think about is the role the company B played in it.

He basically ends up making a bid, but there ends up being kind of a bidding war. And in lots of different acquisition stories, we often read about the fact that company A buys company C at a very high price. And what we often don't think about is the role the company B played in it.

And that is that A and B ended up in a bidding war on who's going to get C. So we could think of the Campo story that you're telling where Campo ends up bidding against Macy's for Federated. And I can't see directly into the brain of Mr. Campo, but it sure looks like he wanted to win at any cost rather than make a financially successful acquisition.

And that is that A and B ended up in a bidding war on who's going to get C. So we could think of the Campo story that you're telling where Campo ends up bidding against Macy's for Federated. And I can't see directly into the brain of Mr. Campo, but it sure looks like he wanted to win at any cost rather than make a financially successful acquisition.

And that is that A and B ended up in a bidding war on who's going to get C. So we could think of the Campo story that you're telling where Campo ends up bidding against Macy's for Federated. And I can't see directly into the brain of Mr. Campo, but it sure looks like he wanted to win at any cost rather than make a financially successful acquisition.

Yeah, so Campo approaches Macy's and basically says, I'll let you win as long as you in turn agree to sell Bloomingdale's to me. So it's basically a side deal between the two bidders, something that today's Federal Trade Commission might not look fondly at at all because there's a potential for antitrust collusion going on in the story. But Macy's basically turns down Campo.

Yeah, so Campo approaches Macy's and basically says, I'll let you win as long as you in turn agree to sell Bloomingdale's to me. So it's basically a side deal between the two bidders, something that today's Federal Trade Commission might not look fondly at at all because there's a potential for antitrust collusion going on in the story. But Macy's basically turns down Campo.

Yeah, so Campo approaches Macy's and basically says, I'll let you win as long as you in turn agree to sell Bloomingdale's to me. So it's basically a side deal between the two bidders, something that today's Federal Trade Commission might not look fondly at at all because there's a potential for antitrust collusion going on in the story. But Macy's basically turns down Campo.

Macy's had already sort of doubled the value of Federated in the bidding war, yet Campo, being annoyed by Macy's rejection, turns around and bids another $500 million above Macy's budget. It's basically a completely irrational action where Campo is bidding to win at any cost rather than making any kind of wise financial assessment of whether this upping the bid makes any sense at all.

Macy's had already sort of doubled the value of Federated in the bidding war, yet Campo, being annoyed by Macy's rejection, turns around and bids another $500 million above Macy's budget. It's basically a completely irrational action where Campo is bidding to win at any cost rather than making any kind of wise financial assessment of whether this upping the bid makes any sense at all.

Macy's had already sort of doubled the value of Federated in the bidding war, yet Campo, being annoyed by Macy's rejection, turns around and bids another $500 million above Macy's budget. It's basically a completely irrational action where Campo is bidding to win at any cost rather than making any kind of wise financial assessment of whether this upping the bid makes any sense at all.

He won. I once wrote a paper, I won the auction, but I don't want the prize. And it's an easy strategy for winning any auction. Keep on bidding until no one else wants to bid anymore. Yeah. He got federated, but he paid too much. And two years later, his own firm goes bankrupt, and he's ousted from his position as the leader of the firm.

He won. I once wrote a paper, I won the auction, but I don't want the prize. And it's an easy strategy for winning any auction. Keep on bidding until no one else wants to bid anymore. Yeah. He got federated, but he paid too much. And two years later, his own firm goes bankrupt, and he's ousted from his position as the leader of the firm.

He won. I once wrote a paper, I won the auction, but I don't want the prize. And it's an easy strategy for winning any auction. Keep on bidding until no one else wants to bid anymore. Yeah. He got federated, but he paid too much. And two years later, his own firm goes bankrupt, and he's ousted from his position as the leader of the firm.

So it very much is a story of, I won the auction, but I don't want the prize, because the overall story that he inherits as a result of winning is not a very positive story. And it's now looked back on as sort of an example of irrational negotiation.

So it very much is a story of, I won the auction, but I don't want the prize, because the overall story that he inherits as a result of winning is not a very positive story. And it's now looked back on as sort of an example of irrational negotiation.