This uses an open, ascending-bid auction until only two bidders are left.

The question, though, is why a company wouldn't hold an open auction to begin with?

More often than not, it would seem that an open auction is the best way to go.

As the co-founders and second-largest shareholders, they had hoped for an open auction.

But there would be no open auction, at least not in Morgan's lifetime.

In an open auction participants may repeatedly bid and are aware of each other's previous bids.

The highest bid in an open auction is, by definition, "fair market value."

Most of the funding for the project came after an open auction of the stadium's title was held.

"I've never seen anything approximating an open auction for a company in Japan."

Hold an open auction with cities willing to take your team.