Auction Process. The Selling Parties and Parent acknowledge that (i) this Agreement and the other Transaction Documents are the culmination of an extensive auction process, fair in substance and procedure, undertaken by the Selling Parties and Parent to identify and negotiate a transaction with a bidder who was prepared to give the best offer for the Securities, (ii) they have selected Buyer as the successful bidder in accordance with the bidding procedures established for such auction and (iii) this Agreement constitutes the best offer for the Securities.
Appears in 3 contracts
Sources: Purchase Agreement (Magellan Midstream Holdings Lp), Purchase Agreement (Williams Companies Inc), Purchase Agreement (Williams Companies Inc)