Auctions – how to play the game

The final session before lunch in our Corporate and M&A Summit looked at the mechanics of auctions and how best to handle the competitive bid process from both the buyer’s and seller’s perspective. The session, moderated by co-chair of Greenberg Traurig’s global corporate practice, Fiona Adams, brought together panellists experienced in the auction process. Joining Adams was colleague Paul Maher, veteran corporate lawyer and vice chair of Greenberg, along with Jessie Gill, head of legal at Stemcor; Chris Hunt, group head of M&A for Rentokil Initial; and Nick Johnston, partner at Perella Weinberg.

Adams kicked off the core of the session by asking the panellists how sellers can successfully handle an auction process, to which Gill stressed the importance of an even-handed approach. Auctions are long processes and there is a need to foster a spirit of compromise: ‘Use up your currency when it matters and do not be a nightmare counterparty.’